PRIVATE equity group CVC Capital Partners yesterday snapped up Finnish insulation group Paroc, in a €700m (£551.5m) deal.
CVC beat off a host of other bidders in the hotly contested auction, which was handled by advisers from Lazard.
The Helsinki-based business employs around 2,100 people and has nine plants across in Finland, Sweden, Lithuania, Poland and Russia.
“We have known Paroc as a successful and well-managed company for many years. It is recognised among customers for the high quality of its products and innovative solutions,” CVC’s Peter Tornquist and Soren Vestergaard-Poulsen said.
Paroc, which grew revenues from €317m in 2009 to €433m in 2013, offers insulation materials to customers in the Baltic Sea region. It also has retailers across the UK stocking its insulation products and increasing sales in Russia.