Waukesha-based
MTL Holdings, the parent company of Waukesha-based
Metal-Era is set to be acquired by Scottsdale, Arizona-based
Carlisle Companies Inc. for $410 million in cash.
MTL Holdings is currently owned by New York-based private equity firm
GreyLion Partners. MTL is a provider of prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional, and industrial buildings.
MTL’s portfolio also includes Arden, North Carolina-based roof edge metal company
Hickman and Greenfield, Indiana-based composite wall panel manufacturer
Citadel.
MTL generated revenue of $132 million for the 12 months ended Feb. 29. The acquisition purchase price represents 8.7x on MTL’s adjusted EBITDA for the same time period.
“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, attracting and retaining top talent, and fulfilling our sustainability commitments," said
Chris Koch, president and CEO of Carlisle Companies Inc. "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 (MTL president and CEO)
Tony Mallinger and MTL’s talented team to Carlisle.”
The acquisition, expected to close in the second quarter of 2024, is anticipated to generate cost synergies of approximately $13 million within the first three years.
