Bewi Invest AS

M&A Activity • Nov 28, 2022

BEWI announces acquisition of Spanish insulation company Aislenvas

BEWI announces acquisition of Spanish insulation company Aislenvas

BEWI, a leading provider of packaging, components, and insulation solutions,

today announces that the company has entered an agreement for the acquisition of

80 per cent of the leading Spanish insulation company Aislamientos y Envases,

S.L. ("Aislenvas").

Aislenvas operates three facilities, all in the same industrial area,

manufacturing a variety of EPS-based solutions. The company's key products are

insulation solutions, including EPS boards for underfloor heating and EPS panels

for External Thermal Insulation Composite Systems (ETICS) used to improve the

energy efficiency for building renovations. In addition, Aislenvas provides a

range of other EPS-based products, such as packaging and industrial

applications.

"Through this acquisition, we are expanding our geographic footprint into Spain,

primarily within the market for insulation solutions. There is a huge need to

make buildings in Europe more energy efficient, to reduce CO2 and energy costs.

This is expected to drive demand for insulation solutions beyond the demand

related to the general construction industry," says Christian Bekken, CEO of

BEWI.

For 2021, Aislenvas had revenues of approximately EUR 16 million, with an EBITDA

of EUR 3.5 million. From 2018 to 2021, Aislenvas recorded significant and

profitable growth, mainly driven by increased demand for underfloor heating

products, increased sales for key customers and high retention rate for other

customer.

"We are very excited about joining BEWI as we believe the collaboration and know

-how sharing will further enhance our capabilities to better serve our customers

and other stakeholders," says Pablo Henarejos, managing director of Aislenvas.

"By adding Aislenvas's solutions to our portfolio and expanding our operational

footprint, we strengthen our presence on the Iberian Peninsula, where we see

attractive market opportunities, as well as synergies with our operations in

Portugal," Bekken continues.

The acquisition is conditional upon customary conditions and closing is expected

to take place in the fourth quarter of 2022. The consideration, which is in line

with BEWI's multiple pricing in historical M&As, will be settled in cash upon

closing.

Contact:

Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 9756

1959

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation

solutions. The company's commitment to sustainability is integrated throughout

the value chain, from production of raw materials and end goods, to recycling of

used products. With a vision to protect people and goods for a better every day,

BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with

the EU Market Abuse Regulation. The information was submitted for publication,

through the agency of the contact person set out above, at 16:00 CET on 28

November 2022.