Carlisle Cos. to Acquire Petersen Aluminum for $197 Million
SCOTTSDALE, Ariz. — Carlisle Cos. Inc. has entered into a definitive purchase agreement to acquire Petersen Aluminum Corp. for about $197 million, the companies have announced.
Carlisle Cos. is among global leaders in commercial and industrial building envelope products through its Carlisle Construction Materials (CCM) operating segment.
Headquartered in Elk Grove Village, Ill., Petersen’s primary business is the manufacture and distribution of market leading architectural metal roof panels, steel and aluminum flat sheets and coils, wall panels, perimeter roof edge systems and related accessories for commercial, residential, institutional, industrial and agricultural markets. Founded by Maurice R. Petersen in 1965, Petersen, through its premier brand PAC-CLAD®, has grown to become a leader in its served markets with approximately $160 million of annual revenue.
Chris Koch, CEO and president, Carlisle, said in a release, "The acquisition of Petersen is part of our strategy of providing customers with a portfolio of high quality, innovative products and solutions that meet an increasing array of their building envelope needs. Petersen is an excellent fit with our recent acquisitions in the metal roofing space, including Drexel Metals, Sunlast Metal and Premium Panels, as well as a significant complementary addition to our single-ply roofing systems.
“We anticipate achieving annual synergies of $4 million across our metal roofing platform as a result of the acquisition,” Koch continued. “Petersen further broadens our scale and geographic penetration of the attractive and fast growing regions of Texas, Arizona, Georgia and the Midwest as we continue to execute on our metal roofing growth strategy. I look forward to welcoming the Petersen team to Carlisle and driving further growth and innovation with the help of the Carlisle Operating System."
Upon completion of the transaction, the business will be reported as part of the CCM segment.
Zack’s Research said the transaction is in line with Carlisle’s policy of acquiring businesses to gain new customers while expanding geographic reach and product lines.
“Prior to the Petersen Aluminum buyout-deal, Carlisle added a similar line of businesses to its portfolio by acquiring Drexel Metals, Sunlast Metal and Premium Panels. Drexel Metals was acquired last July while Sunlast Metal and Premium Panels were bought in June 2018,” Zacks wrote.
“Significantly, Carlisle spent approximately $19.5 million on acquisitions (net of cash acquired) during the first nine months of 2018. Further, acquired assets added nearly 11.7 percent to sales growth in the third quarter of 2018.”
The deal is the one of more than 30 Roofing Contractor has written about during 2018. The complete list can be found here.