RECTICEL: Acquisition of insulation panel producer Trimo REC BB
The acquisition of Trimo for an EV of € 164.3m marks an entry into the Insulation panels market, while offering geographical diversification into CEE as well as technology diversification into mineral wool. The acquisition of Trimo is certainly a step towards Recticel’s recently expressed ambition to double its Insulation business by 2025. We consider the multiple paid for Trimo (9.5x EV/REBITDA21) to be quite reasonable and stick to our Accumulate rating, while raising our target price from € 20 to € 21.Recticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.
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