On October 21, 2024, the Riverside Company, a global investment firm, signed a definitive agreement to sell PFB Corporation’s Plasti-Fab and Insulspan business units to Carlisle Companies Incorporated (NYSE: CSL) for approximately USD $260 million (around CAD $358 million at the time of the announcement). The transaction was expected to close in Q4 2024. PFB, headquartered in Calgary, Alberta, provided Expanded Polystyrene (EPS) insulation products across North America, with Plasti-Fab and Insulspan divisions focused on EPS building materials and Structural Insulated Panels (SIPs), respectively. These units served resellers, distributors, and contractors through manufacturing facilities in Canada and the U.S.

Since acquiring PFB in December 2021, Riverside expanded distribution, automated processes, and increased manufacturing capacity, tripling the business’s enterprise value and doubling earnings. Following the sale, PFB retained its PFB Custom Homes Group subsidiary.

Houlihan Lokey, Inc. acted as financial advisor to PFB Corporation. Legal counsel for Riverside was provided by Amit Mehta, Samuel J. Domjen, Brad Ritter, Eric Keller, Ziemowit Smulkowski, Aaron Charfoos, Todd Schneider, Deidre Kalenderian, Jennifer Riddle, Catherine Kordestani, and Nelson Johnson of Paul Hastings LLP, along with Blake, Cassels & Graydon LLP for PFB. David P. Lewis of DLA Piper LLP (US) served as legal advisor to Carlisle Companies. Riverside and PFB leadership emphasized the strong strategic alignment with Carlisle’s growth objectives.