In a move that signals credit can still be secured for some leveraged buyouts despite turbulent credit markets, Bahrain investment firm Arcapita is to acquire a German maker of windows and PVC door fittings from US-based private equity companies Carlyle Group and Advent International.
Full financial details of the deal have not been disclosed, but reports indicate that Arcapita has agreed to pay around 775 million euros ($1.04 billion) for Profine, formerly known as HT Troplast.
HT Troplast was acquired by Carlyle Group and Advent International in January 2005 and generated revenue of 848 million euros last year. More than half of this came from central and eastern Europe, a region that Arcapita is keen to expand into.
Profine is Arcapita’s third major investment in the building materials industry. The firm also owns Finland-based insulation manufacturer Paroc, US-based soil reinforcement specialist Tensar, and its UK arm Tensar International.
Arcapita is headquartered in Bahrain with offices in London, Atlanta and Singapore. The firm has over 1,200 investors and in 10 years has completed 60 leveraged buyouts, infrastructure, property and venture capital deals worth more than US$19 billion.
In July the company announced record profits of US$285.7 million for the 18 month period ending 30 June 2007.
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