Mergers & Acquisitions
Press Release Summary:
December 14, 2012 -
BioBased InsulationÂ® enables Rhino Linings Corporation to expand spray foam product offerings.
San Diego, CA - Rhino Linings Corporation ("Rhino Linings"), a global provider of protective polyurethane, polyurea, polyaspartic and epoxy coatings is excited to announce the acquisition of BioBased InsulationÂ®, a division of BioBased TechnologiesÂ® LLC. At the same time, BioBased TechnologiesÂ® LLC, a leader in the sales and marketing of AgrolÂ®, a bio-based family of polyols used in manufacturing, is acquiring the SoyolÂ® polyol and related technology assets from Rhino Linings.
The strategic alliance of both companies will allow BioBased TechnologiesÂ® LLC to focus on the development and continual improvement of renewable and sustainable solutions for the chemical industry with a large portfolio of bio-based polyols, and Rhino Linings to focus on spray foam systems for residential and commercial insulation. BioBased InsulationÂ® is Rhino Linings' second acquisition in the soy system business this year. Earlier this year, Rhino Linings acquired SoyolÂ® polyol technology from Urethane Soy Systems Company.
"This acquisition strengthens our commitment to be one of the leading spray system providers by expanding our current product line and offering the best products available," says Pierre Gagnon, President and CEO of Rhino Linings Corporation. "The spray foam insulation market is experiencing rapid global growth. We are now positioned to have a stronger footprint in this business."
"We're excited about the opportunity for growth that this exchange gives our company. The acquisition of the SoyolÂ® group of technology will strengthen our ability to meet our customers' needs to provide greener solutions to the market place," adds Amy Sorrell, CEO of BioBased Technologies.
BioBased InsulationÂ® spray polyurethane products help to lessen the environmental impact of residential and commercial structures. The biggest benefit to the environment comes from the performance of the products which increase the energy efficiency of buildings and reduces their carbon footprint.
Rhino will relocate BioBased InsulationÂ® operations to the Rhino facilities in Carrollton, TX. Terms of the acquisition were not released.
About Rhino Linings Corporation
Rhino Linings Corporation, established in 1988 and headquartered in San Diego, California, is a privately-held corporation and world leader in sprayed and/or rolled urethane, polyaspartic and epoxy coatings and linings for industrial, municipal and residential applications. Business units include Vehicle Protection, Industrial, Epoxy, Flooring and Military. Rhino Linings Corporation has a global retail and industrial applicator network consisting of more than 2000 independently owned businesses and contractors in almost 80 countries and is the first ever spray-on bed liner company to achieve the ISO 9001 certification. For more information about Rhino Linings Corporation, visit http://www.rhinolinings.com
Rhino Linings Corporation Contact:
Director of Marketing
Rhino LiningsÂ® is a registered trademark of Rhino Linings Corporation. AgrolÂ® is a registered trademark of BioBased Technologies LLC. SoyolÂ® is a registered trademark of Urethane Soy Systems Company.
Original Press Release
Rhino Linings Corporation Acquires BioBased Insulation®
Press release date: December 11, 2012
Director of Marketing
Rhino Linings® is a registered trademark of Rhino Linings Corporation. Agrol® is a registered trademark of BioBased Technologies LLC. Soyol® is a registered trademark of Urethane Soy Systems Company.