Recticel Group has acquired 100% of Belgian insulated-panel installer Isopanel Group through Reclar, a joint venture in which Recticel holds a 76% controlling stake. The price is a fixed fee plus an earn-out tied to Isopanel’s FY2026 performance, with total enterprise value capped at EUR 16.5 million and the transaction paid entirely in cash. Isopanel, founded in 1998, installs self-supporting insulated wall and ceiling panels for hygienic cold storage and isothermal industrial buildings. The business has been consolidated into Recticel’s accounts since 1 June 2026. Recticel’s own press release of 29 May 2026 puts Isopanel’s expected FY2026 sales at EUR 20.5 to 23.5 million and its expected FY2026 EBITDA at EUR 3.5 to 4.0 million.
Isopanel works at the end of the cold-chain build rather than in the panel plant. The company installs self-supporting insulated wall and ceiling panels for food processing sites, pharmaceutical facilities, refrigerated warehouses and conditioned high-bay storage. In that segment the panel is only part of what the customer pays for: the joints and seals, the hygienic finish and the thermal continuity of the completed envelope are decided on site, and they are what the building owner actually signs off.
The commercial terms put a ceiling on Recticel’s exposure. IAL Consultants, which reported the deal on 5 June 2026, describes a fixed fee plus an earn-out on 2026 performance with enterprise value capped at EUR 16.5 million, paid in cash, and consolidation from 1 June 2026. The two forward figures that frame that cap (expected FY2026 sales of EUR 20.5 to 23.5 million and expected FY2026 EBITDA of EUR 3.5 to 4.0 million) appear in Recticel’s own originating announcement of 29 May 2026 rather than in the trade write-up. On those numbers the maximum enterprise value sits below one year of the acquired company’s expected sales.
Recticel presents the purchase as an extension of the panel business it already runs under the Trimo, Rex and Miclar brands, and as part of an “ELEVATE 2030” plan targeting EUR 100 million of group EBITDA by 2030. The direction is the notable part. Recticel did not buy another panel manufacturer; it bought the contractor that installs panels, which moves the group into project delivery and into the warranty for the finished cold room.
For anyone supplying rigid foam chemistry into this chain, the practical consequence is that the specification decision keeps moving further away from the foam line. Where one group manufactures the panel, installs it and stands behind the completed room, the polyol and isocyanate system is qualified once at group level, against thermal, fire and dimensional-stability criteria the group itself has to guarantee on site. Independent panel fabricators remain the accessible customer; integrated groups become slower, more document-heavy accounts to win, and correspondingly harder to displace once a system is approved.