JPMorgan Chase served as administrative agent for a $600 million term loan facility for Owens Corning to facilitate its acquisition of Paroc Group, a European mineral wool manufacturer. The deal, estimated at a value of €900 million ($1.04 billion), is expected to close in early 2018. CVC Capital Partners will be overseeing the transaction.

The acquisition of Paroc will expand Owens Corning’s mineral wool technology and grow its presence in the European insulation market, as Paroc employs more than 1,800 people in 13 countries.

Owens Corning Chairman and CEO Mike Thaman said, “The acquisition of Paroc delivers on Owens Corning’s strategy to provide our customers with a portfolio of insulation products that cover the full temperature spectrum in the three largest insulation markets – Europe, North America and China.”

“I am very excited about our new opportunities with Owens Corning,” said Kari Lehtinen, CEO of Paroc. “We have built a company with a leading market position, offering attractive value propositions to our customers and employees. Owens Corning will help us to expand further in the growing Central and Western European markets, using our solid base as a platform for growth.”

J.P. Morgan Securities will represent Owens Corning as financial advisors, and Jones Day will act as the company’s lead legal advisor.

Bank of America Merrill Lynch and Danske Bank will represent CVC Capital Partners as financial advisors, with Freshfields Bruckhaus Deringer and Avance Attorneys acting as its legal advisors.

Toledo, OH-based Owens Corning develops, manufactures and markets insulation, roofing and fiberglass composites.