Carlisle buys Accella Performance Materials for US$670 million

On 2 October 2017 Carlisle Companies Incorporated, which grew out of the Carlisle Tire and Rubber business established 100 years ago, has agreed to purcahse Accella Performance Materials, the specialty polyurethane platform, from Arsenal Capital Partners for US$670 million in cash.

Accella, headquartered in Maryland Heights, Missouri, has annualized revenue of approximately $430 million with pre-synergy estimated transaction EBITDA margins approaching 15 per cent.Christian Koch, Carlisle’s president and chief executive officer, said: “The acquisition of Accella Performance Materials is part of our well-established strategy of providing customers with high quality, innovative solutions for building envelope applications. Accella provides an excellent adjacent opportunity into the attractive polyurethane market, which includes Spray Polyurethane Foam and Liquid Applied Roofing. Both markets are expected to grow annually.

Christian Koch, Carlisle’s president and chief executive officer, said: “The acquisition of Accella Performance Materials is part of our well-established strategy of providing customers with high quality, innovative solutions for building envelope applications. Accella provides an excellent adjacent opportunity into the attractive polyurethane market, which includes Spray Polyurethane Foam and Liquid Applied Roofing. Both markets are expected to grow annually at 10-15 per cent through 2020, outpacing broader construction market growth. In addition to accessing new products, new technologies and new markets, Accella delivers profitable market diversity to our CCM business.”

John Televantos, a partner at Arsenal, added: “Arsenal’s investment in Accella stemmed from our extensive experience in the polyurethane sector and focus on formulated materials that provide enhanced performance. We have been very pleased with our partnership with Andy Harris and the management team that helped us to transform and rapidly scale Accella. Accella is well-positioned to continue to grow under Carlisle’s ownership.”

Andy Harris, Accella’s president and CEO, commented: “We look forward to joining the Carlisle family of companies. Carlisle’s focus on culture, technology, markets and value creation are highly complementary with Accella and provide significant opportunities for our customers. I would like to thank Arsenal for its strong support of Accella’s growth and development over the past five years.”

Lazard Middle Market LLC is serving as financial advisor to Accella. DLA Piper LLP and Benesch, Friedlander, Coplan & Aronoff LLP are serving as legal advisors to Accella.