Recticel Group has acquired 100 percent of Isopanel NV, a Belgian specialist in installing insulated panels for hygienic cold storage and isothermal solutions, through its Reclar joint venture (76 percent owned by Recticel).
The deal, structured as a fixed fee plus an earn-out, values Isopanel at up to 16.5 million euros, based on its projected 2026 EBITDA of 3.5–4.0 million euros and sales of 20.5–23.5 million euros.
Founded in 1998, Isopanel serves sectors like food, pharmaceuticals, and temperature-controlled storage, reinforcing Recticel’s focus on high-value downstream applications under its ELEVATE 2030 growth strategy.
The acquisition aligns with Recticel’s goal to achieve 100 million euros in EBITDA by 2030, offering operational synergies with its Insulated Panels division, including Trimo, Rex, and Miclar.
Stefaan Debusschere, CEO of Recticel Group, stated: "This acquisition unlocks new growth opportunities by delivering integrated solutions in the attractive cold storage and isothermal buildings market."
Wim Dewilde, CEO of Isopanel, added: "Joining Recticel Group marks an exciting new chapter. Their industrial expertise and strategic vision will accelerate our growth while allowing us to continue providing high-quality, tailored solutions to customers in specialized industrial environments."
The deal, paid in cash, will be consolidated in Recticel’s financial statements from 1 June 2026.
