Huntsman Corporation apprised of its agreement to acquire Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of FFL Partners, LLC.Icynene-Lapolla has annual revenues of approximately $230 million with two manufacturing facilities located in Houston, Texas and Mississauga, Ontario. Under terms of the agreement, Huntsman will pay $350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Based on full year 2019 adjusted EBITDA estimates, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or approximately 7 times adjusted EBITDA pro forma for synergies. The transaction is expected to close in the first half of 2020.For identifying growth opportunities in the global polyurethane foam market, please visit http://www.lucintel.com/polyurethane-foam-market-2017.aspx
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