Carlisle Companies has reached a definitive agreement to acquire MTL Holdings from US private equity company GreyLion Partners for $410m in cash.
This acquisition is expected to position Carlisle as a comprehensive provider of architectural metal products, including ‘roof-to-grass’ colour-coordinated metal building envelope solutions.
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Carlisle provides building envelope products and solutions for more energy-efficient buildings.
MTL provides high-performance, prefabricated perimeter edge metal systems under brands such as Metal-Era and Hickman, tailored for commercial, institutional, and industrial structures.
Its product range also includes the Citadel brand’s non-insulated aluminium composite material architectural wall panels.
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Carlisle chair, president, and CEO Chris Koch said: “The acquisition of MTL is consistent with Vision 2030 and our intent to build on our strategic pivot to a pure-play building products company with increased investment in innovation, a continued emphasis on synergistic M&A [mergers and acquisition], attracting and retaining top talent, and fulfilling our sustainability commitments.
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By GlobalData“By acquiring MTL and leveraging the Carlisle Operating System across the business, I am confident that we will create significant value for all our stakeholders. We look forward to welcoming Tony Mallinger and MTL’s talented team to Carlisle.”
The acquisition is anticipated to yield cost synergies of about $13m within the first three years.
It is also expected to be approximately $0.60 accretive to adjusted earnings per share in the first full financial year post-acquisition.
Subject to customary closing conditions, the transaction is set to conclude in the second quarter (Q2) of 2024.
William Blair & Company acted as the exclusive financial advisor for MTL while legal counsel for Carlisle was provided by Dorsey & Whitney.
Latham & Watkins served as MTL’s legal counsel throughout the deal.
