Ipcom Group, a Belgium based group of European companies specialised in the distribution and conversion of insulation products, has acquired Insulcon Group, a Dutch manufacturer and distributor of high temperature solutions for the process industry. Corporate finance advisory firm MBCF acted as the exclusive sell side advisor.
Founded in 2010 by Waterland Private Equity and several Belgian entrepreneurs with extensive experience in the insulation industry*, Ipcom currently has a market leading position in Belgium, the Netherlands, Germany, Sweden, Norway, Austria, Hungary and Romania. The group’s business units specialise in among others the distribution and conversion of thermal insulation, passive fire protection, acoustic insulation and high temperature products for the process and construction industry.
In recent months Ipcom Group has been on an acquisition spree, acquiring Caremiso (a Belgian building insulation distributor located in Verviers), Isoma (an Austrian technical insulation distributor located in Klagenfurt) and D.M.S. (a Dutch distributor and installer of passive fire protection systems in Schaijk). In line with its aim to further expand its activities in Europe, the company has added yet another firm to its portfolio: Insulcon Group.
Insulcon is one of the market leaders in high temperature insulation solutions in the Netherlands, as well as a large distributor and manufacturer of solutions for the thermal process industry in the region. Products of the in 1980 established firm include wear resistant products, such as hard refractories, bricks, fiber products, industrial textiles, composite materials, expansion joints and low thermal mass systems. Insulcon operates a network of sales offices and production facilities in the Netherlands, Belgium, Germany and several agents throughout the world.
With the transaction, Ipcom reportedly grows its revenue past the €250 million mark, although financial terms of the deal have not been disclosed. “Being part of the Ipcom Group Insulcon will be able to continue its successful growth story of the last decades and deploy its full innovation potential within a rapidly changing and dynamic market environment”, states Ipcom in a press release. Patrick Noppen, CEO of Insulcon, will continue to manage the company.
To facilitate the transaction, Insulcon’s management hired the expertise of MBCF, a Netherlands-based middle market M&A boutique. The consultants supported the seller through the entire deal process, from due diligence to transaction support.
* Ipcom started in 2010 with the acquisition of two major Belgian players in the distribution of building and technical insulation materials: Waeyaert-Vermeersch, founded in 1967 and Isowill, which was founded in 1972.