Icynene and Lapolla Industries complete merger
Icynene U.S. Holding Corp. and Lapolla Industries Inc. have announced the completion of their previously announced merger. Under the terms of the merger agreement, Icynene acquired all the outstanding shares of Lapolla in a transaction valued at approximately USD 160 million, including net debt.
Based in Houston, TX, USA, Lapolla is a global supplier and manufacturer of spray polyurethane foam (SPF) for insulation and roofing applications, reflective roof coatings and equipment. Based in Mississauga, Ontario, Canada, Icynene is a manufacturer and distributor of one step SPF insulation products and a portfolio company of private equity firm FFL Partners, LLC. Going forward, the two companies will operate as Icynene-Lapolla with offices in Canada and the USA. Together, the combined company is a leading manufacturer and distributor of SPF insulation products serving a wide range of new residential, commercial, remodelling, and speciality non-construction insulation project needs in North America and globally.
“We are excited about the completion of the merger. The two businesses have complementary SPF products and outstanding customer service, and both have a strong commitment to innovation,” said Mark Sarvary, Chief Executive Officer of Icynene-Lapolla.
Doug Kramer, President, Icynene-Lapolla, added, “It is an exciting time for Icynene-Lapolla. We look forward to expanding the use of our innovative products both regionally and worldwide.”