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Carlisle Companies to Acquire Accella Performance Materials

Published on 2017-10-04. Author : SpecialChem

Arsenal Capital Partners has announced that it has signed a definitive agreement to sell Accella Performance Materials (“Accella”), a leading North American specialty polyurethane platform, to Carlisle Companies Incorporated (NYSE: CSL) (“Carlisle”) for $670 million.


Acquisition

$400 Mn to Carlisle Construction Materials


Accella offers a broad range of polyurethane products and solutions across many markets and applications globally. The company, headquartered in Maryland Heights, Missouri, has annualized revenue of approximately $430 million and operates out of 10 manufacturing facilities and seven R&D laboratories in the U.S., Germany, and China.

Focused Organic Growth Strategy


Roy Seroussi, a Principal at Arsenal, said:

“Since our initial investment in 2012, Accella’s revenue and EBITDA increased by 7x and 8x, respectively, through a focused organic growth strategy and nine strategic acquisitions. The company has become a market leader in several rapidly growing end markets, such as spray foam insulation, as well as roofing solutions and polyurethane truck bed liners.”

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.”

This transaction represents the third exit in 2017 from Arsenal’s third fund, following the sales of Flowchem to KMG Chemicals in June 2017 and Certara to EQT in August 2017. Cumulatively these three exits represent $2.0 billion of enterprise value, a $1.5 billion increase from initial acquisition. Arsenal continues to invest in new portfolio companies from its $1.3 billion fourth fund raised in 2016, including recent acquisitions of PolyOne Corporation's Designed Structures and Solutions business in July 2017 and of Cyalume Technologies in September 2017.

The transaction is subject to customary closing conditions and regulatory approvals, and is expected to be completed in the fourth quarter of 2017.

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.

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Source: Arsenal Capital Partners
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