Carlisle Companies Inc., Scottsdale, Ariz., recently announced it has entered into a definitive agreement to acquire the expanded polystyrene insulation segment of PFB Holdco Inc., Calgary, Alberta, a portfolio company of The Riverside Company that is composed of the Plasti-Fab and Insulspan brands, which collectively are referred to as “Plasti-Fab.”
Plasti-Fab is a provider of EPS insulation products with eight manufacturing locations across Canada and three in the U.S. serving the commercial, residential and infrastructure construction markets. Plasti-Fab generated revenue of $109 million for the 12 months that ended Aug. 31.
Under the terms of the agreement, Carlisle Companies will purchase Plasti-Fab for $259.5 million in cash.
“The acquisition of Plasti-Fab delivers vertically integrated polystyrene capabilities to our Insulfoam EPS business while adding scale, supporting retail channel growth, and filling key geographic gaps in the U.S. and Canada,” said Chris Koch, Carlisle Companies chair, president and CEO. “This acquisition is consistent with Vision 2030 and our intent to build on our strategic pivot to a pure-play building products company with increased investment in innovation and a continued emphasis on synergistic M&A guided by our repeatable M&A model. I am confident that we will create significant value for all our stakeholders as we leverage the Carlisle Operating System across the Plasti-Fab business.”
The acquisition, which is subject to customary closing conditions, is expected to close during the fourth quarter of 2024.
