Press release

Recticel expands its Insulation activities with the acquisition of the insulated panel specialist Trimo

Regulated information, Brussels, 22/03/2022 — 07:00 CET, 22.03.2022


Recticel announces that it has entered into final agreements with Central European private equity fund Innova Capital to acquire 100% of Trimo d.o.o. in cash for an enterprise value of EUR 164.3 million. This represents a 9.5x 2021A normalized EBITDA multiple. The transaction is subject to customary conditions precedent, including regulatory approvals.

Trimo is specialized in the production of sustainable premium insulated panels for the construction industry. Predominantly geared towards the industrial and commercial building segments, it perfectly complements the current insulation boards activities of Recticel.

This acquisition will allow Recticel to:

  • expand its insulation product portfolio into the adjacent and growing insulated panel market;
  • accelerate its geographic expansion into the Central and South-Eastern European markets;
  • increase its profit margin, as of the first full year of consolidation.

Financing is secured by the existing credit facilities, and ultimately by the proceeds from the disposals of the Bedding and Engineered Foams business lines, expected to close respectively at the end of 1Q2022 and around mid-2022.

The closing of the transaction is expected to be completed in the third quarter of 2022.

Olivier Chapelle (CEO) : “The acquisition of Trimo marks another important milestone in Recticel’s strategic portfolio reorientation. Following our announced divestments of the Bedding and Engineered Foams business lines, leading Recticel to become a pure player in insulation, today’s announcement represents an important step in the insulation centered growth path of the company. Moreover, this acquisition enables Recticel to expand in an adjacent Insulation category and to increase its geographic reach. During the process, we have been impressed by the Trimo team, and are looking forward to welcome our new and highly skilled colleagues in Recticel.” 


Trimo was founded in 1961 and has been owned by Innova Capital since early 2016. Trimo was originally established as a manufacturer of thermal insulated panels but gradually developed into a high quality-producer of aesthetic prefabricated building components such as façades, walls, roofs and modular space solutions. The group is headquartered in Trebnje, Slovenia and operates from two sites (Trebnje, Slovenia and Šimanovci, Serbia). It sells its insulated panels and building solutions in more than 60 countries around the world. In 2021, Trimo employed about 480 people and generated net sales of EUR 138.4 million.

For more information on Trimo :

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