PAI Partners, a European private equity firm, and Kirkbi, the holding and investment company of the Kirk Kristiansen family, agreed to acquire Armacell, a provider of engineered foams, from The Blackstone Group for €1.4bn ($1.55bn). "Under the leadership of its existing management team, Armacell has delivered consistent growth on the basis of best-in-class technical expertise and customer service. Armacell has successfully demonstrated its track record of innovation with the introductions of new and highly differentiated applications such as ArmaForm and ArmaGel. PAI has a long history of investing in the industrials sector and in partnership with KIRKBI and Patrick’s impressive team, we expect to drive Armacell’s further expansion through product innovation, commercial excellence and a number of strategic acquisitions," Mathieu Paillat, PAI Partner.