Carlyle exits panel-maker

The private equity firm has sold its controlling interest in laminated paneling firm Panolam to two private equity firms.

Global private equity firm The Carlyle Group has sold panel-maker Panolam Industries International to the company’s management and two private equity firms, Genstar Capital and The Sterling Group.

Details of the sale were not disclosed, but the transaction is reportedly worth between $350 million (€285 million) and $400 million. Carlyle purchased the company in a $402 million transaction in November 1999 from Genstar, investing a reported $150 million of equity in the panel company. Genstar acquired the company in 1996, as part of its second fund. 

The sale is expected to close this fall.

Shelton, Connecticut-based Panolam makes laminated panels for use in cabinets, office furniture and display cases. The company has more than 1,000 employees in five manufacturing facilities and three distribution centers.  

Last month, Carlyle announced that it is acquiring cable television provider Insight Communications Company for $710 million, in conjunction with the cable company’s co-founders. The firm has more than $30 billion under management.

The Sterling Group, which is based in Houston, Texas, closed a $470 million fund in May of this year. San Francisco-based Genstar closed its last vehicle, Genstar Capital Partners IV, on $475 million last year.