Carlisle Companies Incorporated (NYSE: CSL) has announced a definitive agreement to acquire the expanded polystyrene (EPS) insulation segment of PFB Holdco, Inc., which includes the Plasti-Fab and Insulspan brands, collectively known as “Plasti-Fab.” This Canadian-based company is a leading vertically integrated provider of EPS insulation products in Canada and the Midwestern United States. The acquisition will cost Carlisle $259.5 million in cash, representing a multiple of 6.7x adjusted EBITDA for the twelve months ending August 31, 2024, including projected cost synergies.
Headquartered in Calgary, Alberta, Plasti-Fab operates eight manufacturing sites in Canada and three in the U.S., serving commercial, residential, and infrastructure construction markets. The company generated $109 million in revenue for the twelve months ending August 31, 2024.
This acquisition aligns with Carlisle’s Vision 2030 strategy and utilizes the company’s mergers and acquisitions (M&A) framework. It meets three core M&A criteria: a solid organic growth trajectory with a decade of above-market growth, identified cost synergies of $14 million primarily from Plasti-Fab’s integrated polystyrene resin manufacturing, and a strong management team that will help drive growth and integration within Carlisle Weatherproofing Technologies.
Chris Koch, Chair, President, and Chief Executive Officer, stated, “The acquisition of Plasti-Fab enhances our Insulfoam EPS business by providing integrated polystyrene capabilities, increasing scale, and supporting retail channel growth while addressing geographic gaps in the U.S. and Canada. This move is in line with Vision 2030 and our goal to transition into a pure-play building products company with a stronger focus on innovation and strategic, synergistic M&A. I am confident that leveraging the Carlisle Operating System across the Plasti-Fab business will create significant value for all our stakeholders.
