NEW YORK, July 19, 2021 /PRNewswire/ -- American
Securities LLC, a leading U.S. private equity firm, today announced
that it has entered into a definitive agreement to sell Henry
Company ("Henry" or the "Company"), a leading provider of building
envelope systems, to Carlisle Companies Incorporated (NYSE:CSL)
("Carlisle") for $1.575 billion. Carlisle is a leading supplier of innovative
building envelope products and energy-efficient solutions for
customers creating sustainable buildings of the future. The
acquisition, which is subject to customary closing conditions, is
expected to close in the third quarter of 2021.
Henry is widely recognized as a best-in-class provider of
building envelope systems that control the flow of water, vapor,
air and energy in a building. Its premium portfolio is comprised of
a well-balanced assortment of complementary products boasting the
strong and trusted Henry brands with more than 80 years of history.
As a leading innovator in building envelope systems, Henry serves
the full spectrum of customers across both new construction and
repair & restoration projects within the residential, light
commercial, and commercial end-markets. Henry generated
revenue of $511 million and adjusted
EBITDA of $119 million, representing
an adjusted EBITDA margin of 23%, for the twelve months ending
May 31, 2021.
"We are excited about Carlisle's acquisition of Henry Company, as we
believe Henry Company is an excellent fit for Carlisle's strategic vision," said
Frank Ready, President and Chief
Executive Officer of Henry. "We appreciate our partnership with
American Securities. Their thoughtful and balanced approach worked
well with our culture and the resources they provided were world
class."
"We are proud of and grateful for Frank
Ready and the entire Henry management team," commented
Scott Wolff, a Managing Director of
American Securities. "During our partnership, Frank and the
talented management team drove significant growth and executed
critical strategic initiatives. We believe that the Carlisle and Henry teams' joint future will be
successful."
"We appreciate the contributions of every Henry employee," added
Aaron Maeng, a Principal of American
Securities. "The team's incredible results across every aspect of
the business speak to true leadership in the building products
space."
Weil, Gotshal & Manges LLP acted as legal advisor to
Henry.
About Henry® Company
Henry® Company is a leader in Building
Envelope Systems®, managing the flow of
water, vapor, air and energy from foundation to roof.
Henry® professionals offer designers,
contractors and building owners a combination of technical
experience, a belief in sustainability and a commitment to provide
quality products. Henry® Company's
headquarters are in El Segundo,
California, with offices and manufacturing facilities
throughout the United States and
Canada.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading
U.S. private equity firm that invests in market-leading North
American companies with annual revenues generally ranging from
$200 million to $2 billion and/or $50
million to $250 million of
EBITDA. American Securities and its affiliates have more than
$25 billion under management. For
more information, visit www.american-securities.com.
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SOURCE American Securities LLC