Following its acquisition of TRIMO in April 2022, Recticel has announced a significant expansion of its strategy aimed at establishing itself as a leader in the insulated panel market throughout all of Europe. Recticel and the founder, Mr. Michel Verhelst, have finalized the acquisition of 100% of REX PANELS & PROFILES SA by Recticel.
The Belgian company REX is based in Tournai and specializes in making mineral wool and PIR-insulated panels for the building sector. Ideally situated in Belgium to cater to Western European markets, REX boasts a newly built capacity of over 4 million square metres, of which 50% is currently utilised. There is still potential for additional expansion.
Jan Vergote, the CEO of Recticel Group, said, “The acquisition of REX strengthens Recticel’s core purpose to become a leader in high-end sustainable construction through smart insulation solutions. We are impressed with the achievements of Mr. Verhelst and the REX team and look forward to starting intensive cooperation upon closing.’’
Michel Verhelst, the CEO of REX, said, “Joining forces with the Recticel Group marks an important milestone for REX as it allows the company to grow and expand further. I am excited about the many possibilities and successes that lie ahead for REX and its employees.”
The enterprise value of the cash transaction is 70 million EUR, and an earn-out mechanism is contingent on the transaction's EBITDA performance through 2024. The value is calculated by looking at how much the bought production assets are worth on the market. These include a brand-new production site that would begin operating in the first quarter of 2024. It is anticipated that the transaction would be finalized in January 2024.
Source: Recticel Group
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