The financial details of the transaction, which are subject to customary regulatory approvals, were not disclosed.
Carlyle invested in Cupa in October 2016 through Carlyle Europe Partners IV (CEP IV), a European-focused, upper mid-market buyout fund. During Carlyle’s period of ownership, Cupa has delivered exceptional growth, and has established a global leadership position in the production and distribution of premium natural slates. Growth has been achieved organically, through product innovation and a focus on green renovation, as well as through 7 acquisitions. The company has expanded its presence in key international markets, notably consolidating its position as the leading multi-brand natural stone distributor in Southern West Europe, and developing the UK’s leading independent roofing specialist distributor, which has grown from 10 to 37 branches during Carlyle’s ownership. Cupa has more than doubled revenue over this period to become a recognised industry leader.
Sustainability and ESG have remained an integral component of Cupa’s success since partnering with Carlyle. Natural slate is widely recognised as the most ESG-friendly and energy efficient solution of choice and Carlyle has helped expand the company’s ESG footprint through significant investment in product innovation and increasing the energy efficiency of its manufacturing processes. Cupa became the first natural slate company to become carbon neutral in December 2020.