Private equity firm Charterhouse Capital Partners has acquired Armacell Group from Investcorp in a deal worth about $650 million, according to a company statement.

Armacell headquartered in Munster, Germany, develops, produces and sells engineered foams that are used as insulation materials. Private equity firm Investcorp bought the company in 2007 for about €400 million (U.S. $525 million).

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