Kingspan Group, a specialist in high performance insulation and building envelopes, is pleased to announce that it has entered into an agreement to acquire the Building Products (“BP”) division of Vicwest, a Canadian company.
This will involve the simultaneous transfer of the Westeel business and assets to Ag Growth International (“AGI”). The total estimated consideration payable under the arrangement is C$376.0m, of which Kingspan will fund around C$154.5m and AGI will fund C$221.5m. The acquisition of the BP business will be funded from Kingspan’s existing credit facilities.
Gene Murtagh, Kingspan’s chief executive officer, commented: “The acquisition of Vicwest Building Products boosts Kingspan’s ability to drive conversion of the North American construction market to more energy-efficient insulated panels, coming at a time when the energy agenda in North America is becoming increasingly persuasive.”