Icynene to Acquire Lapolla Industries

Strategic Move to Create Leading Spray Polyurethane Foam Insulation Manufacturer and Distributor

Icynene US Holding Corp. and Lapolla Industries Inc. announced that they have entered into a definitive merger agreement under which Icynene will acquire all shares of Lapolla. The transaction is valued at approximately USD 160 million, including net debt. The transaction will bring together Icynene, a Mississauga, Canada-based manufacturer and distributor of high-performance, single-component spray polyurethane foam (SPF) insulation products that can be applied in one step, and Lapolla, a Houston-based manufacturer and global distributor of high-performance SPF products. The combined company's energy-efficient SPF insulation products will serve a wide range of new residential, commercial, renovation and non-construction insulation project needs across North America and globally. Icynene Chief Executive Officer Mark Sarvary said, "As Icynene, we are very pleased to partner with Lapolla President and Chief Executive Officer Doug Kramer and his team. The Icynene and Lapolla teams are bringing their businesses together to create an innovative leader in high-efficiency SPF manufacturing and distribution," and added: "Consumers are increasingly turning to high-quality spray foam that creates an effective air barrier to meet their energy-saving insulation needs. Together, as a single company, Lapolla and Icynene will have greater resources to fully serve their customers. Both companies are positioned with a long-term, sustained growth vision."