NEW YORK — American Securities LLC announced that it has entered into a definitive agreement to sell Henry Company, a leading provider of building envelope systems, to Carlisle Companies Incorporated 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.
"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 CEO 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."
Henry is a provider of building envelope systems that control the flow of water, vapor, air and energy in a building. Its premium portfolio is comprised of an 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 and 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 12 months ending May 31, 2021.
"We are proud of and grateful for Frank Ready and the entire Henry management team," said 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."
Aaron Maeng, a principal of American Securities, said the company appreciates the contributions of every Henry employee.
"The team's incredible results across every aspect of the business speak to true leadership in the building products space," Maeng said.
Weil, Gotshal & Manges LLP acted as legal advisor to Henry.
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