OSLO, NORWAY: BEWI ASA has entered an agreement for the acquisition of 80 per cent of the leading Spanish insulation company Aislamientos y Envases S.L. (Aislenvas).
BEWI ASA is a leading provider of packaging, components, and insulation solutions.
Aislenvas operates three facilities, all in the same industrial area, manufacturing a variety of EPS-based solutions. The company’s key products are insulation solutions, including EPS boards for underfloor heating and EPS panels for External Thermal Insulation Composite Systems (ETICS) used to improve the energy efficiency for building renovations.
In addition, Aislenvas provides a range of other EPS-based products, such as packaging and industrial applications.
“Through this acquisition, we are expanding our geographic footprint into Spain, primarily within the market for insulation solutions. There is a huge need to make buildings in Europe more energy efficient, to reduce CO2 and energy costs. This is expected to drive demand for insulation solutions beyond the demand related to the general construction industry,” says Christian Bekken, CEO of BEWI.
For 2021, Aislenvas had revenues of approximately EUR 16 million, with an EBITDA of EUR 3.5 million. From 2018 to 2021, Aislenvas recorded significant and profitable growth, mainly driven by increased demand for underfloor heating products, increased sales for key customers and high retention rate for other customer.
“We are very excited about joining BEWI as we believe the collaboration and know-how sharing will further enhance our capabilities to better serve our customers and other stakeholders,” says Pablo Henarejos, managing director of Aislenvas.
“By adding Aislenvas’s solutions to our portfolio and expanding our operational footprint, we strengthen our presence on the Iberian Peninsula, where we see attractive market opportunities, as well as synergies with our operations in Portugal,” Bekken continues.
The acquisition is conditional upon customary conditions and closing is expected to take place in the fourth quarter of 2022. The consideration, which is in line with BEWI’s multiple pricing in historical M&As, will be settled in cash upon closing.