Irish construction firm Kingspan is to buy European manufacturer Joris Ide.
Kingspan has entered into an agreement with Ergon Capital Partners and Bremhove NV, to acquire 100% of the shares of Steel Partners - the holding company of the Joris Ide Group.
Joris Ide is a manufacturer and supplier of insulated panels, profiles and accessories, with positions in France and the Benelux countries. It also has manufacturing facilities in Belgium, Germany, Romania and Russia, and 11 regional manufacturing sites across Europe.
In the 12 months to the end of December last year, Joris Ide had unaudited revenues of €465m. The deal also includes some €315m of debt.
The existing management team of Joris Ide will be retained, and will continue to manage and develop the business separate from the Kingspan brand.
The acquisition is subject to regulator approval, and is expected to completed towards the end of the first quarter of this year.
Gene Murtagh, Kingspan CEO, said: "The acquisition of Joris Ide Group represents a quantum leap forward in the execution of our strategy to fully globalise Kingspan."
"It takes us into a distinctly different tier in the market than typically occupied by the Kingspan branded products, and with its operations in Belgium, France, Germany, Romania and Russia significantly extends the reach of our group," he added.
Kingspan has significant operations in Ireland and the UK, accounting for around 34% of the group's revenue in 2013.
