Bahrain-based Arcapita Bank's private equity arm has completed its first investment in Germany with the acquisition of PVC manufacturer HT Troplast from Advent International and Carlyle.

Arcapita paid an estimated €750m ($1bn) for the company, its first deal in Germany and largest in the building materials industry. It also owns Finnish insulation manufacturer Paroca, valued at €620m, and polymer maker Tensar at $514m.