The Riverside Company to sell PFB’s Plasti-Fab, Insulspan for $260M

The Riverside Company, together with its portfolio company PFB Corporation, announced the firm has signed a definitive agreement to sell PFB’s Plasti-Fab and Insulspan business units to Carlisle (CSL) Companies. The sale price for the business is approximately $260M, and the transaction is expected to close in Q4 2024. Headquartered in Calgary, Alberta, 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. 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. The company sells its products into the reseller, distributor, contractor, builder and infrastructure channels. Following the sale, PFB will retain and continue to operate its PFB Custom Homes Group subsidiary. Since taking PFB private in December 2021, Riverside worked closely with the PFB leadership team to expand distribution and invest in automation and increased manufacturing capacity. With these initiatives, PFB’s earnings more than doubled during Riverside’s investment period, and the enterprise value of the business tripled.