Recticel to acquire PIR insulation firm Gór-Stal

Recticel has announced that it has entered into preliminary agreements with the owners of Gór-Stal Sp. z o.o., to acquire the company’s thermal polyisocyanurate-based (PIR) insulation board business.

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

In 2015, Gór-Stal started its PIR insulation board business and built a new plant in Bochnia, Poland, which produces PIR thermal insulation boards for the construction sector.

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

The acquisition of the Gór-Stal insulation board business will lead to accelerated expansion into the Central and Eastern European markets, where Recticel is currently not present.

The transaction is expected to be completed by July this year.

Olivier Chapelle, chief executive officer of Recticel, 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. We look forward to welcoming our new and highly skilled colleagues from Gór-Stal.”

 

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