Riverside Company, a global private equity firm, acquired insulating building products manufacturer PFB. The companies announced the completion of the acquisition today, December 17.
Firstly, PFB is a leading and innovating manufacturer of high-quality insulating building products and technologies. PFB has two operating subsidiaries, Plasti-Fab Ltd., which operates in Canada; and PFB America Corporation, which operates in the United States. One of the products the company produces is Expanded Polystyrene (EPS).
Moreover, the company also provides engineered geotechnical applications for EPS products in new construction and renovation markets in residential, commercial, and industrial projects.
Under the recent acquisition by Riverside, PFB’s shareholders will receive a cash payment of $24.10 for each common share. According to the statement, shareholders will receive the letter of transmittal on their mails so they can submit their share certificates to receive the cash. Click here to know more about the details of the payment.
Robert Graham, CEO of PFB, said about the acquisition. “PFB’s existing management team is excited about our new partnership with Riverside as we leverage our combined strength to realize our growth potential.”
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Riverside Company to support PFB in next phase of growth
On his end, Shawn Alt, Riverside Vice President, added. “As a market-leading provider of energy-efficient, GREENGUARD certified insulation solutions for both commercial and residential applications, PFB presents a compelling investment opportunity, and we are excited about the company’s growth potential in both Canada and the U.S.”
Furthermore, Sean Ozbolt, Managing Partner of Riverside, said. “We are thrilled to embark on this journey with Rob and the rest of the PFB organization, and we look forward to supporting PFB in the next phase of its growth.”
On the other hand, the PFB common shares will go down from the Toronto Stock Exchange on or about December 20, 2021. Intrepid acted as exclusive financial advisor to PFB and Burnet, Duckworth & Palmer LLP served as legal counsel to PFB.
Finally, Blake, Cassels & Graydon LLP acted as Canadian legal counsel to Riverside; and Jones Day served as U.S. legal counsel to Riverside. KPMG was a financial advisor to Riverside.
