Recticel acquires REX to create a powerful Western European growth platform for insulated panels
After the acquisition of TRIMO in April 2022, Recticel announces a second major step in deploying its strategy to become a pan-European leader in the insulated panels segment.
Recticel has entered into a final agreement with Mr. Michel Verhelst, founder, to acquire 100% of REX PANELS & PROFILES SA.
REX, located in Tournai, Belgium, is specialized in the production of PIR and mineral wool insulated panels for the construction industry.
REX has a total recently constructed capacity of over 4 million m², utilised at 50%, with room for further expansion, and is perfectly located in Belgium to serve Western European markets.
The acquisition will allow Recticel Group in due course to:
- reinforce TRIMO’s premium strategy in Western Europe whilst doubling current production capacity;
- provide TRIMO access to the PIR insulated panels category, perfectly complimentary to its mineral wool insulated panels;
- accelerate the execution of REX’s growth strategy in the volume segment of the market;
- unlock substantial technical and commercial synergies.
Jan Vergote (CEO Recticel Group): “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 start intensive cooperation upon closing.’’
Michel Verhelst (CEO REX): “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 transaction has an enterprise value of EUR 70 million in cash, with an earn-out mechanism linked to the EBITDA performance over 2024. The valuation is based on the market value of the acquired production assets, including a newly constructed production site that is planned to start up in Q1 2024.
The transaction is expected to be completed in January 2024.