After acquiring TRIMO in April 2022, Recticel announced the second important step of its strategy, becoming the pan European leader in the insulation board field.
Currently, Recticel has reached a final agreement with Mr. Michel Verhelst, founder of REX PANELS&PROFILES, to acquire 100% of its shares.
REX is located in Tournai, Belgium, specializing in the production of PIR and mineral wool insulation boards for the construction industry.
REX’s annual production capacity exceeds 4 million square meters, with a utilization rate of 50%. The company has room for further expansion and is located in Belgium, fully capable of serving the Western European market.
This acquisition will enable Recticel Group to take appropriate action at the appropriate time:
Strengthen TRIMO’s high-end strategy in Western Europe while doubling its existing production capacity;
Provide TRIMO with the PIR insulation board category, which perfectly complements its mineral wool insulation board;
Accelerate the implementation of REX’s growth strategy in the sales segment market;
Release technological and commercial synergies.
“The acquisition of REX strengthens Recticel’s core goal of becoming a leader in the high-end sustainable building industry through intelligent insulation solutions. We are impressed by the achievements of Mr. Michel Verhellst and the REX team, and look forward to starting in-depth cooperation after the transaction is completed,” said Jan Vergote, CEO of Recticel Group.
REX CEO Michel Verhelst said, “The collaboration with Recticel marks an important milestone for REX as it enables the company to further develop and expand. I am excited about the greater possibilities and success for REX and its employees in the future.”
The enterprise value of this transaction is 70 million euros in cash, and the profit mechanism is linked to the performance of EBITDA in 2024. The valuation is based on the market value of the acquired production assets, including the planned launch of a new production base in the first quarter of 2024.
The transaction is expected to be completed in January 2024.
