Arizona’s engineering conglomerate Carlisle Companies Incorporated announced last week the successful completion of the US$197-million acquisition of Petersen Aluminum Corporation.
Carlisle’s acquisition of Petersen is expected to augment its already significant stable of building material suppliers. Petersen’s offerings include architectural metal roof panels, steel and aluminium flat sheets and coils, wall panels, perimeter roof edge systems, and other such products. Their buyers include firms in the commercial, residential, institutional, industrial, and agricultural sectors.
Chris Koch, Carlisle’s CEO and President, highlighted the positive impact of their coupling with Petersen.
“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 US$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.”
Petersen was founded by Maurice R. Petersen in 1965 and has grown to a top supplier of aluminium building materials through PAC-CLAD brand products. At present, the firm reports an average annual revenue of around US$160 million. With the sale’s completion, Carlisle plans to report it as a portion of the CCM segment.
Though the all-cash transaction has been finalized between the two parties, Carlisle says that the final cost remains subject to post-closing adjustments.