Carlisle Companies Inc. (NYSE:CSL) announced Dec. 10 that it has entered into a definitive purchase agreement to acquire Petersen Aluminum Corp. (“Petersen”), a privately held manufacturer of high-quality metal roofing products for approximately $197 million.
Headquartered in Elk Grove Village, Ill., Petersen’s primary business is the manufacture and distribution of market leading architectural metal roof panels, steel and aluminum flat sheets and coils, wall panels, perimeter roof edge systems and related accessories for commercial, residential, institutional, industrial and agricultural markets. Founded by Maurice R. Petersen in 1965, Petersen, through its premier brand PAC-CLAD, has grown to become a leader in its served markets with approximately $160 million of annual revenue.
Chris Koch, CEO and President, said, "The acquisition of Petersen is part of our strategy of providing customers with a portfolio of high quality, innovative products and solutions that meet an increasing array of their building envelope needs. Petersen is an excellent fit with our recent acquisitions in the metal roofing space, including Drexel Metals, Sunlast Metal and Premium Panels, as well as a significant complementary addition to our single-ply roofing systems. We anticipate achieving annual synergies of $4.0 million across our metal roofing platform as a result of the acquisition. Petersen further broadens our scale and geographic penetration of the attractive and fast growing regions of Texas, Arizona, Georgia and the Midwest as we continue to execute on our metal roofing growth strategy. I look forward to welcoming the Petersen team to Carlisle and driving further growth and innovation with the help of the Carlisle Operating System."
Upon completion of the transaction, the business will be reported as part of the CCM segment.