Press release
Recticel becomes a pure insulation player after completing the divestment of its Engineered Foams activities on 12 and 13 June 2023
- Changes in transaction perimeter: Recticel keeps The Soundcoat Company Inc. (USA – acoustic and thermal insulation) and its 33% participation in Orsa Foam S.p.A. (Italy)
- Recticel Ltd. (UK Comfort Foams) sold to GIL Investments Ltd.
- Revised Enterprise Value of EUR 454.1 million
- Cash proceeds of EUR 427.0 million
- Reduction of IFRS16 lease debt by EUR 23.9 million, and reduction of other provisions and liabilities by EUR 30.6 million
- The transaction represents a 7.5 x multiple on the average 2021 and 2022 Adjusted EBITDA pertaining to the divested perimeter
Recticel signed a binding agreement (see press release dd. 07 December 2021) to sell its Engineered Foams activities to US-based Carpenter Co., subject to customary closing conditions, including anti-trust clearance. Carpenter and Recticel received such clearance from the UK Competition & Markets Authority (CMA) on 12 April 2023, and have subsequently signed the divestment of the two UK Comfort foam facilities (remedies meeting CMA requirements) to GIL Investments Ltd. on 17 April 2023 (see press release dd. 28 April 2023). All conditions precedent being met, Carpenter Co. and Recticel could progress to closing the main transaction.
