Hello SF Community, We’re currently reviewing a couple of opportunities in the building insulation space in Europe (ETICS façades / roofs / envelopes – XPS, PIR, EPS, mineral wool, etc.). Has anyone in the community looked closely at this segment? We’d really appreciate any thoughts you’re willing to share – in particular around: – recent transaction activity and typical valuation ranges (EV/EBITDA, EV/sales), – who the key strategic buyers are (by sub-segment / geography), – what you see as the main value drivers and risks (regulation, fire, decarbonisation, substitution). Cheers, AP