American Securities Announces Agreement to Sell Henry Company to Carlisle Companies

NEW YORK, July 19, 2021 /PRNewswire/ -- American Securities LLC, a leading U.S. private equity firm, today announced that it has entered into a definitive agreement to sell Henry Company ("Henry" or the "Company"), a leading provider of building envelope systems, to Carlisle Companies Incorporated (NYSE:CSL) ("Carlisle") 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.

Henry is widely recognized as a best-in-class provider of building envelope systems that control the flow of water, vapor, air and energy in a building. Its premium portfolio is comprised of a well-balanced 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 & 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 twelve months ending May 31, 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 Chief Executive Officer 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."

"We are proud of and grateful for Frank Ready and the entire Henry management team," commented 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."

"We appreciate the contributions of every Henry employee," added Aaron Maeng, a Principal of American Securities. "The team's incredible results across every aspect of the business speak to true leadership in the building products space."

Weil, Gotshal & Manges LLP acted as legal advisor to Henry.

About Henry^® Company
Henry^® Company is a leader in Building Envelope Systems^®, managing the flow of water, vapor, air and energy from foundation to roof. Henry^® professionals offer designers, contractors and building owners a combination of technical experience, a belief in sustainability and a commitment to provide quality products. Henry^® Company's headquarters are in El Segundo, California, with offices and manufacturing facilities throughout the United States and Canada.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have more than $25 billion under management. For more information, visit www.american-securities.com.

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SOURCE American Securities LLC