Germany GER

Scope of intervention

Sycomore Corporate Finance acted as exclusive financial advisor to Armacell and its Management

Date of closing

February 2020
In February 2020, PAI Partners, a leading European private equity firm, and the investment company of the Kirk Kristiansen family (KIRKBI) jointly acquired the Germany-based global leader in flexible foam products for equipment insulation and technical applications, Armacell (the “Company”).

Following the transaction, PAI has become the new majority shareholder of Armacell. KIRKBI has been a minority investor in Armacell since 2016 and has significantly strengthened its stake within the share capital of the Company.


  • Support Armacell in its international development and capitalize on growth opportunities, both organically and through acquisitions
  • Benefit from the global trends in energy efficiency and substitution of existing insulation materials to strengthen and expand Armacell’s global leadership

Armacell at a glance

As the inventor of flexible elastomeric foams for equipment insulation, Armacell is a global leader in innovative and safe thermal, acoustic and mechanical solutions that create sustainable value for customers. With 3135 employees representing 70 nationalities, the Germany-based company generated net sales of €644m and an adjusted EBITDA of €134m in 2019. With 24 manufacturing plants in 16 countries, Armacell pursues a globalization strategy. The company operates within two main businesses: the advanced insulation business develops flexible insulation foam products for the insulation of mechanical equipment and the engineered foams business develops and markets light foams for use in a broad range of end-markets.

PAI Partners at a glance

Founded in 1872 as the principal investment arm of Paribas Affaires Industrielles, PAI Partners became independent in 2001. Today, PAI is a leading European private equity firm with ca. €14bn of assets under management and offices in 8 countries.

KIRKBI at a glance

KIRKBI is a holding and investment company owned by the Kirk Kristiansen family. The company’s strategic activities include a 75% ownership of the LEGO Group, a 50% ownership of Merlin Entertainments and long-term investments.