The Carlyle Group (CG) Announces Acquisition of Cupa Group

October 4, 2016 11:37 AM EDT

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The Carlyle Group (Nasdaq: CG) announced it has completed the acquisition of Cupa Group, a Spain-based company producing and distributing natural slate and stone product for roofing and other applications.

Equity for this investment comes from Carlyle Europe Partners IV (CEP IV), the European upper-mid market buyout fund. Javier Fernández, CEO of Cupa and current shareholder, will reinvest alongside Carlyle, which acquired the group from its founding families and Abanca. The business will continue to be run by the current senior executive team.

Based in Orense (Spain), Cupa has its origins in 1892 and now employs over 2,100 people across the world. It is one of the largest global players in the extraction, production and distribution of natural slate. Cupa has 20 quarries in North West Spain producing high quality roofing slate which is exported to over 70 countries under the Cupa brand. The company is also present in the natural stone business through Cupa Stone®, the largest independent distributor of natural stone products in France and Spain. In addition, it controls Burton Roofing, the second largest independent distributor of roofing materials in the UK.

Javier Fernández stated: “We are excited to start our next phase of growth with Carlyle, supported by their financial backing, industry expertise and network across Europe and North America. In partnership with Carlyle, we will focus on new opportunities and markets and continue to invest in innovation to enhance our leadership and accelerate our growth.”

Alex Wagenberg, Managing Director - Europe of The Carlyle Group, commented: “Cupa management and shareholders have built a solid business with a global leadership team, unique assets, respected brands and strong market position. We are delighted to partner with Javier Fernandez and his team as we work together to accelerate the growth of Cupa across its various business lines.”

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