Intrepid announced today that it acted as the exclusive financial advisor to PFB Corporation (TSX: PFB) (PFB), a Canadian manufacturer of expanded polystyrene (EPS) building insulation products, on its take-private sale to an affiliate of The Riverside Company (Riverside), a U.S.-based private equity sponsor, who acquired the company’s outstanding shares at $24.10 per share in cash. In addition, PFB’s board of directors (the Board) approved a special cash dividend of $2.00 per share paid on November 30, 2021, to PFB shareholders (shareholders) of record on November 16, 2021. This special dividend was in addition to the special dividend of $1.00 and the regular dividend of $0.11 per share previously announced on October 22, 2021 and paid on November 30, 2021.
PFB, based in Calgary, Canada, is the largest and only vertically integrated EPS producer in North America, with a proven management team, broad geographic footprint, innovative products and brands addressing major end-markets, and a history of successful strategic acquisitions. PFB has developed leading brands in each of its product categories and markets. These include insulation products (Plasti-Fab), insulating concrete forms (Advantage ICF), geofoam blocks, structural components consisting of foam insulation core encased between wood boards to create structural insulated panels or SIPs (Insulspan), and design and project management of custom homes that incorporate the company’s EPS insulation and SIPs (PrecisionCraft, Riverbend, PointZero). PFB building products are used in both new and renovation markets in residential, commercial, industrial and infrastructure projects.
An early adopter of ESG values, PFB publicly reports the material impact of its activities on the environment and shares operational data on its emissions, energy and resource usage, and waste generation. PFB has a longstanding commitment to its employees’ wellbeing and proper corporate governance, publicly sharing safety data and ensuring appropriate levels of oversight in the areas of audit, risk management, and potential conflicts of interest.
C. Alan Smith, Executive Chairman of PFB, remarked: “In this competitive industry, the take private format is clearly the best long-term solution for PFB. That advice and the far reaching and competitive process executed by Intrepid provided the best outcome for all PFB shareholders in obtaining an attractive share price premium to the existing stock market bid and a timely closing of the transaction.”
Ed Bagdasarian, CEO and Managing Director of Intrepid, said “Al Smith and the management team of PFB led by Rob Graham built a unique, vertically integrated model that makes PFB one of the leaders in EPS-based insulation products in North America. We are grateful for the opportunity to advise PFB in finding a strong partner in Riverside to support its strategic plan that includes several exciting growth opportunities.” Jeremiah Mann, Managing Director, commented: “PFB’s management team has built a tremendous building products platform. We are excited to cheer their continued success under new ownership.”
“Ed and the entire Intrepid team executed a thorough and detailed process which led to a very successful conclusion. Our management team is excited about the future and the opportunity to realize our growth potential with our new partner, Riverside. It was a pleasure working with such a dynamic and talented group of people at Intrepid and we wish them much success in the future,” Robert Graham, CEO of PFB commented.
PFB will continue to be run by its current management team led by Robert Graham, CEO.