Synergistic Acquisitions
Disciplined M&A to Scale Our Businesses
A Drexel Metals roof on the Hershey Gardens Conservatory, Hershey Gardens, PA
$8 Billion
Revenue
20%
Operating margins
15%
ROIC
Returns Focused Capital Deployment
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2021
2017-2019
2017
Asset Overview
Total Addressable Market
Expected Market Growth
Highlights
Exceeded target $30M synergies
Attractive secular growth given spray foam’s higher insulation properties
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COS continues to drive margin expansion
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Integration into CWT segment underway
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Taking share in highly fragmented market
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Expanding geographic reach
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Expanding ~20% EBITDA margin
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Excellent complement to energy-efficient solutions
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Achieving both cost and revenue synergies with core single-ply roofing operations
Spray Foam Insulation
Growing High-Single Digit
$4B market
Architectural Metal
$5B market
Growing Mid-Single Digit
Weatherproofing Technologies
$5B market
Growing Mid-Single Digit
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Synergies ahead of $30M target
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EPS accretion now $1.50+, above initial $1.25 target
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Henry established new Weatherproofing Technologies (CWT) segment
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Seeking complementary M&A
Completed 15 Acquisitions Since Launch of Vision 2025 for $3.2B
Our Approach to M&A
M&A Criteria
Recent History
Results
Our Approach to M&A
Seek synergistic acquisitions in adjacencies to our core platforms
Pivot towards being the premier building products company continues.
Pursue businesses that overlap with our current product offering, technologies, or market coverage
M&A Criteria
Revenue of $100M – $500M
Grow at >2x GDP
Achieve run-rate synergies within 24 – 36 months of closing
Target ROIC = WACC by year 3; achieve run rate double digit ROI after year 5
Recent History
Since 2008, we have deployed over $6 billion into over 30 acquisitions.
During that time, we have evolved our strategy from one prioritizing diversification to weather varying cycles and ensure consistent growth, to one that applies a returns-based focus to capital deployment.
Results
We continue to simplify our portfolio under Vision 2025. The 2021 acquisition of Henry Company and divestiture of Brake & Friction are consistent with Carlisle's Vision 2025 strategy to streamline the portfolio with a focus on investing in high returning assets and to generate in excess of $15 of earnings per share.
Our Approach to M&A
M&A Criteria
Recent History
Results