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Carlisle Companies To Acquire Henry Company For ~$1.58B

Carlisle Companies To Acquire Henry Company For ~$1.58B
  • Carlisle Companies, Inc. (NYSE: CSL) agreed to acquire Henry Company, a provider of building envelope systems, from affiliates of American Securities LLC, for $1.575 billion in cash.
  • The company expects this transaction to be immediately accretive to its growth outlook, EBITDA margin and to add $1.25+ of adjusted EPS in 2022. It expects cost synergies of $30 million (or 7% of sales) by 2025.
  • For the twelve months ending May 31, 2021, Henry generated revenue of $511 million and adjusted EBITDA of $119 million, representing an adjusted EBITDA margin of 23%.
  • The purchase price represents 10.5x Henry's adjusted EBITDA for the twelve months ending May 31, 2021, including run-rate cost synergies.
  • Carlisle reported cash and cash equivalents of $767.2 million as of March 31, 2021.
  • The acquisition is consistent with Vision 2025 to simplify its portfolio and strategically build scale with synergistic acquisitions to achieve $15 of earnings per share, the company said.
  • Henry augments Carlisle's Construction Materials growth and efforts in commercial construction and increases its presence in residential construction in North America.
  • It expects the acquisition to close in the third quarter of 2021.
  • Price Action: CSL shares are trading lower by 1.19% at $191.28 the last check Monday.

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