Carlisle to acquire EPS insulation segment of PFB Holdco for $259.5M in cash

Carlisle announced that it has entered into a definitive agreement to acquire the expanded polystyrene, or EPS, insulation segment of PFB Holdco, Inc., a portfolio company of The Riverside Company, composed of the Plasti-Fab and Insulspan brands. Plasti-Fab is a vertically integrated provider of EPS insulation products across Canada and the Midwestern United States. Under the terms of the agreement, Carlisle will purchase Plasti-Fab for $259.5M in cash. The purchase price represents 6.7x on adjusted EBITDA for the twelve months ended August 31, inclusive of run-rate cost synergies. Plasti-Fab is headquartered in Calgary, Alberta, and has eight manufacturing locations across Canada and three in the United States serving the commercial, residential, and infrastructure construction markets. Plasti-Fab generated revenue of $109M for the twelve months ended August 31. The acquisition, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2024.