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).

The London-based buyer’s investments include Bartec, Card Factory and Webhelp Group.

Bahrain-based Investcorp has also invested in Sur La Table and Polyconcept. Investcorp owns SourceMedia, Mergers & Acquisitions’ publisher.

Weil Gotshal & Manges LLP advised Charterhouse on the deal. Barclays advised Investcorp. 

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