Recticel Expands Insulation Activities with Gór-Stal Acquisition

RECTICEL HAS ENTERED into preliminary agreements with the owners of the private Polish company Gór-Stal to acquire its thermal polyisocyanurate-based insulation board business.

The acquisition will be made in cash for an enterprise value of EUR 30 million. EUR 27.25 million will be payable at closing and EUR 2.75 million payable in two equal tranches in 2022 and 2023. The transaction is subject to confirmatory due diligence.

In 2015, Gór-Stal started its polyisocyanurate (PIR) insulation board business and built a new plant in Bochnia. It was focused on the production of high-value-added termPIR thermal insulation boards for the construction sector.

In 2020, the Bochnia plant employed 66 people and generated EUR 16.7 million net sales and EUR 2.5 million normalized EBITDA at a capacity utilization rate of about 40%.

Recticel Acquisition Expansion

The acquisition of the Gór-Stal insulation board business will lead to accelerated expansion into the Central and Eastern European markets, where Recticel was not previously present. Closing of the transaction is expected to be completed by July 2021.

Olivier Chapelle, Recticel CEO said, “The acquisition of the Gór-Stal PIR-based insulation board activities marks an important step in the development of our Insulation business. This acquisition perfectly fits our ambition to further expand in the growing thermal insulation markets of Central and Eastern Europe. It meets three fundamental prerequisites: a state-of-the-art asset, a perfect geographical complementarity, and a focus on high performance PIR insulation solutions.”

Recticel is a Belgian company with a strong European dimension, but it also operates in the rest of the world. Recticel (excluding minority stakes in joint ventures) employs 4,221 people in 41 establishments in 20 countries. In 2020, Recticel’s sales were EUR 828.8 million.