Carlisle to acquire MTL Holdings for $410M in cash

Carlisle Companies announced that it has entered into a definitive agreement to acquire MTL Holdings from GreyLion Partners, a U.S. private equity firm. MTL is a provider of pre-fabricated edge metal for commercial roofing systems. Under the terms of the agreement, Carlisle will purchase MTL for $410M in cash. The purchase price represents 8.7x on MTL’s adjusted EBITDA for the twelve months ending February 29, 2024, inclusive of run-rate cost synergies and net of the $43M tax step up benefit provided by the transaction. The acquisition is expected to generate cost synergies of approximately $13M within the first three years, and be approximately 60c accretive to adjusted EPS in the first full fiscal year. The acquisition, which is subject to customary closing conditions, is expected to close in the second quarter of 2024.