Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Merger or Acquisition (October 2017)
13 slides from Carlisle Companies's merger presentation, Oct 3, 2017
Slide 1: Carlisle to Acquire Accella Performance Materials
Carlisle to Acquire Accella Performance Materials The Premier Specialty Polyurethane Platform
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “
Slide 3: Agenda
Agenda CCM Strategic Overview Introduction to Accella Performance Materials Expected Impact Summary and Q&A 3
Slide 4: CCM Strategic Overview
CCM Strategic Overview Building Envelope Adjacency • Enhance CCM’s integrated building envelope solutions for customers • Drive solid synergies in raw materials, operations and SGA • Enlarge CCM portfolio of products • Apply Carlisle Operating System Continue to actively build CCM organic base and a
Slide 5: CCM Strategy - Roofing
CCM Strategy - Roofing Current Portfolio • Roofing Membranes & Metal Panels • Insulation • Air Barriers • Accessories • Edge Metal • Green Roof Opportunity • Adhesives • Roof Coatings • Spray Foam • Silicone 5
Slide 6: CCM Strategy - Walls and Building Envelope
CCM Strategy - Walls and Building Envelope Current Portfolio • Insulation • Flashing & Sealing • HVAC Accessories • Air and Vapor Barrier Membranes (AVB) Opportunity • Spray Foam • Building Envelope Sealing & Tie-Ins • AVB 6
Slide 7: Excellent Strategic Fit with CCM
Excellent Strategic Fit with CCM Outstanding Adjacency • Adds over $400 million of revenue • Creates a new platform within a successful business segment • Fits existing strategy of expanding building envelope solutions • Establishes position in fast growing Liquid Applied Roofing market Core Spray P
Slide 8: The Premier Specialty Polyurethane Platform
The Premier Specialty Polyurethane Platform Spray Foam Tire Fill Specialty PU Systems* Recycled Rubber Revenue • 56% of total • 20% of total • 13% of total • 11% of total • Open-Cell Spray Foam • Adhesives & Binders • Molded Rubber Products • Closed-Cell Spray Foam • Tire Fill • Sealants & Encapsula
Slide 9: Spray Polyurethane Foam (SPF) Overview
Spray Polyurethane Foam (SPF) Overview North America SPF Construction Markets SPF Market Growth Rate to 2020 – 10% $ Billion X Residential Retrofit $1.40 21% $1.20 $1.00 ~$1 billion New Residential $0.80 53% $0.60 $0.40 Commercial 26% $0.20 $- 2017 2018 2019 2020 Accella 2017E SPF Segment Net Sales
Slide 10: Liquid Applied Roofing (LAR) Introduction
Liquid Applied Roofing (LAR) Introduction North America LAR Construction Markets 2016 North American LAR End Markets Residential Retrofit Other Silicone 5% 32% 26% New Residential 10% ~$750 ~$750 million million Commercial Acrylic 85% 42% • 75% of Accella’s LAR revenue from silicone, expected to gro
Slide 11: Deal Overview
Deal Overview Transaction • Acquisition of 100% of Accella’s outstanding shares Description • Aligns with CCM’s strategy of expanding into building envelope and insulation • $670M purchase price Transaction • Approximately 7.6x expected 2017 EBITDA (including synergies) Considerations • All cash tra
Slide 12: Appendix
Appendix a CELEBRATING 100 YEARS
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Transaction EBITDA and EBITDA Margin EPS Accretion--Year 1* Purchase Price Multiple Estimated Accella Revenue $ 378.3 Expected GAAP Incremental Net Loss $ (2.2) Purchase Price $ 670.0 Adjustment to annualize acquired revenue 51.7 Add, net of tax: $ 430.0 Inventory Ste
Carlisle Companies — Merger or Acquisition (October 2017) on 6ix