Carlisle Companies Agrees to $260M Purchase of PFB's Insulation Units

Riverside Company signs definitive agreement to sell its PFB’s Plasti-Fab and Insulspan business units

Carlisle Companies agrees to purchase Canada’s PFB Insulation Products Business for US $260M.

The Plasti-Fab business unit operates eight manufacturing facilities in Canada — and three locations in the U.S. Midwest — and provides a full suite of EPS building materials and insulation products, including roofing and wall panels, insulated concrete forms and geofoam blocks for infrastructure applications. The Insulspan business unit designs and manufactures Structural Insulated Panels that lower construction costs and improve energy efficiency for residential and commercial buildings.

— Image courtesy of Carlisle Companies

The Riverside Company, an investment firm focused on the smaller end of the middle market, and its portfolio company, PFB Corporation, announced they have signed a definitive agreement to sell PFB’s Plasti-Fab and Insulspan business units to Carlisle Companies Inc.

Riverside said the sale price is approximately US$260 million and is expected to close in the last quarter of 2024.

Headquartered in Calgary, Alberta, Canada, PFB is a vertically integrated provider of Expanded Polystyrene-based insulation products throughout North America. PFB’s Plasti-Fab division operates eight manufacturing facilities in Canada and three locations in the Midwestern U.S.; it provides a full suite of EPS building materials and insulation products, including roofing and wall panels, insulated concrete forms and geofoam blocks for infrastructure applications.

The Insulspan business unit designs and manufactures Structural Insulated Panels that lower construction costs and improve energy efficiency for residential and commercial buildings. The company sells its products through reseller, distributor, contractor, builder and infrastructure channels. After the sale, PFB will retain and continue to operate its PFB Custom Homes Group subsidiary.

Since taking PFB private in December 2021, Riverside said it has worked closely with the PFB leadership team to expand distribution, invest in automation and increase manufacturing capacity. These initiatives have more than doubled PFB’s earnings during Riverside’s investment period, and the business's enterprise value has tripled.

“We greatly appreciate Riverside’s support and partnership as we’ve executed our strategic growth plan over the past three years,” PFB’s CEO Robert Graham said. “Our insulation products business fits very well strategically with Carlisle, and we are thrilled to join the Carlisle Companies to contribute to their continued growth.”

Houlihan Lokey served as PFB's financial advisor, and Paul Hastings and Blakes provided legal counsel regarding the transaction.