Recticel Group Acquires Belgian Isopanel for €16.5M Through Its Joint Venture Reclar
Recticel Group has completed the acquisition of the entire Belgian group Isopanel, a specialist in insulating panels for cold rooms and isothermal solutions. The transaction, valued at €16.5M in enterprise value, is part of the group's ELEVATE 2030 strategy and generates synergies with its other subsidiaries in the sector.
An Acquisition Structured on the Basis of 2026 Performance
Recticel Group acquired 100% of Isopanel Group, a Belgian company founded in 1998 specializing in the installation of self-supporting insulating panels for hygienic refrigerated storage and isothermal solutions for industrial buildings. The transaction was carried out by the joint venture Reclar, in which Recticel Group holds a controlling stake of 76%. The financial structure combines a fixed price and an earn-out mechanism, with an enterprise value capped at €16.5M. This valuation is based on the financial results expected in 2026: an EBITDA between €3.5M and €4.0M and a turnover between €20.5M and €23.5M. This pricing structure reflects Isopanel's sustained growth trajectory, according to the group. The acquisition was cash-financed and is consolidated in the accounts from June 1, 2026.
Strengthening Downstream Activities and Synergies Within the Insulating Panels Division
Isopanel operates in demanding sectors: the food and pharmaceutical industries, high-rise climate-controlled infrastructures, and temperature-controlled storage facilities. The acquisition consolidates Recticel Group's presence in high-value-added downstream applications, identified as one of the central pillars of its ELEVATE 2030 strategy. The group emphasizes that the integration of Isopanel creates operational synergies within its Insulating Panels division, where subsidiaries Trimo, Rex, and Miclar coexist. Recticel Group reaffirms its strategic goal of achieving an EBITDA of €100M by 2030.
