Recticel Group has acquired 100% of the Belgian Isopanel Group, a specialist in installing insulated panels for hygienic cold storage and isothermal solutions for industrial buildings.
 

The transaction is being completed through the Reclar joint venture1 in which Recticel Group holds 76% controlling stake. It is structured as a fixed fee plus an earn-out, with a total enterprise value capped at EUR 16.5 million, based on the FY 2026 EBITDA result, expected between EUR 3.5 - 4.0 million, and with sales expected to land between EUR 20.5 - 23.5 million. This reflects Isopanel’s strong growth trajectory.

Founded in 1998, Isopanel has built a solid reputation for installing self-supporting insulated wall and ceiling panels. The company serves sectors including food and pharmaceuticals, conditioned high-bay infrastructures and temperature-controlled storage.

The acquisition strengthens Recticel Group’s presence in higher added-value downstream applications, one of the core pillars of its ELEVATE 2030 growth strategy, and offers operational synergies with Trimo, Rex and Miclar within the Insulated Panels division. We confirm our overarching objective to achieve EBITDA of EUR 100 million by 2030.

The acquisition was paid for in cash and will be consolidated in Recticel Group’s financial statements from 1 June 2026.

Stefaan Debusschere, Chief Executive Officer of Recticel Group, commented:

“We are pleased to welcome Isopanel to the Recticel Group. This acquisition will unlock new growth opportunities for value creation by delivering integrated solutions in the attractive cold storage and isothermal buildings market.”
 

Wim Dewilde, Chief Executive Officer of Isopanel, added:

“Joining the Recticel Group marks an exciting new chapter for Isopanel. Its industrial expertise and strategic vision will help accelerate our growth while enabling us to continue delivering high-quality, tailored solutions to customers operating in highly specialised industrial environments.”

 

Visit the Isopanel website for more information.