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CARLISLE COMPANIES INCORPORATED

(CSL)
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Carlisle Companies Incorporated completed the acquisition of Henry Company LLC from affiliates of American Securities LLC.

09/01/2021 EDT

Carlisle Companies Incorporated (NYSE:CSL) entered into a definitive agreement to acquire Henry Company LLC from affiliates of American Securities LLC for approximately $1.6 billion on July 18, 2021. The consideration consists of $1.575 billion in cash. The purchase price represents 10.5x Henry’s adjusted EBITDA for the twelve months ending May 31, 2021, when including run-rate cost synergies. The transaction will be financed with cash and debt. Henry generated revenue of $511 million and adjusted EBITDA of $119 million for the twelve months ending May 31, 2021. Under the transaction, Henry’s team will be joining Carlisle and Carlisle will keep Henry's current leadership in place on finalization of the acquisition. At termination, Carlisle will pay a fee of $93 million to Henry Company. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021. The transaction is expected to be immediately accretive to Carlisle’s growth outlook, EBITDA margin, and adds $1.25+ of adjusted EPS in 2022. Goldman Sachs & Co. LLC acted as the financial advisor and Joshua Ayal and Eric L. Schiele of Kirkland & Ellis LLP acted as the legal advisor to Carlisle. Michael Lubowitz, Ryan Taylor, Andrew Colao, Faiza Rahman, Mark Hoenig, Paul Wessel, Jeffrey Osterman, Caroline Paige Geiger, Annemargaret Connolly, Matthew Morton, Timothy Welch, Vadim Brusser, Megan Granger, Theodore Tsekerides, Jessie Mishkin and Nicholas Pappas of Weil, Gotshal & Manges LLP acted as the legal advisor to Henry Company LLC and American Securities LLC. Carlisle Companies Incorporated (NYSE:CSL) completed the acquisition of Henry Company LLC from affiliates of American Securities LLC on September 1, 2021.


© S&P Capital IQ 2021
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Financials (USD)
Sales 2021 4 743 M - -
Net income 2021 359 M - -
Net Debt 2021 2 384 M - -
P/E ratio 2021 33,8x
Yield 2021 0,93%
Capitalization 11 838 M 11 838 M -
EV / Sales 2021 3,00x
EV / Sales 2022 2,52x
Nbr of Employees 12 000
Free-Float 65,5%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 227,83 $
Average target price 246,00 $
Spread / Average Target 7,98%
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Managers and Directors
D. Christian Koch Chairman, President & Chief Executive Officer
Robert Michael Roche Chief Financial Officer & VP-Investor Relation
Laura Walsh Chief Information Officer & Vice President
Robert G. Bohn Independent Director
Gregg A. Ostrander Lead independent Director
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