Houlihan Lokey Advises PFB Corporation

Houlihan Lokey is pleased to announce the sale of the expanded polystyrene (EPS) insulation products business of PFB Corporation (PFB), a portfolio company of The Riverside Company (Riverside), to Carlisle Companies Inc. (Carlisle) (NYSE:CSL). The transaction closed on December 18, 2024.

Headquartered in Calgary, Alberta, PFB is a leading vertically integrated provider of EPS-based insulation products throughout North America. PFB’s insulation products business is composed of the Plasti-Fab and Insulspan business units. PFB’s Plasti-Fab business unit operates eight manufacturing facilities in Canada and three locations in the Midwestern U.S. and provides a full suite of EPS building materials and insulation products, including roofing and wall panels, insulated concrete forms, and geofoam blocks for infrastructure applications. The Insulspan business unit designs and manufactures Structural Insulated Panels (SIPs) that lower construction costs and improve energy efficiency for residential and commercial buildings. The insulation products business sells its products to the reseller, distributor, contractor, builder, and infrastructure channels.

Riverside is a global investment firm focused on being one of the leading private equity and flexible capital options for business owners and portfolio company employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies.

Carlisle is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings. Through its building products businesses—Carlisle Construction Materials and Carlisle Weatherproofing Technologies—and family of leading brands, Carlisle delivers innovative, labor-reducing, and environmentally responsible products and solutions to customers through the Carlisle Experience.

Houlihan Lokey served as the exclusive sellside financial advisor to PFB and Riverside and assisted in marketing, structuring, and negotiating the transaction. The transaction exemplifies the continued success of Houlihan Lokey’s leading practice within the building products and materials sector.

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