Mississauga, Ontario – Icynene, the Canadian-headquartered manufacturer and distributor of one-step spray foam insulation products, is to acquire Houston, Texas-based Lapolla in an all-cash deal worth $160 million.
Icynene is owned by San Francisco-based private equity business FFL Partners.
Lapolla’s president and CEO Doug Kramer will remain with the company. ‘During the past several months, Lapolla conducted an extensive review of strategic opportunities to enhance value for our stockholders,’ he said. ‘Lapolla is happy to have reached this agreement with Icynene, which delivers a significant premium to Lapolla’s stockholders.’
The deal will create a company that serves the international market for new residential, commercial, remodelling and specialty non-construction insulation projects.