SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Carlisle Companies Incorporated (NYSE:CSL) today announced the signing
of a definitive agreement to sell Carlisle FoodService Products (CFS) to
The Jordan Company of New York, NY, for $750 million in cash, subject to
certain adjustments. The transaction is subject to customary closing
conditions, including regulatory clearances, and is expected to close
within the first quarter of 2018.
CFS manufactures and markets professional-grade solutions for the
restaurant, hospitality, healthcare, and janitorial segments. Products
for these focused markets include an array of foodservice permanentware
supplies, table coverings, cookware, displayware, storage containers,
catering and transport equipment, and meal delivery systems. In January
2017, CFS acquired San Jamar, adding a robust complement of innovative
products with a strong focus on food safety. CFS also produces the most
comprehensive line of janitorial, waste, and material handling product
lines for both the foodservice and sanitary maintenance industries. The
CFS segment reported over $320 million of revenue for the twelve months
ended September 30, 2017.
D. Christian “Chris” Koch, President and Chief Executive Officer, said,
“The divestiture of FoodService is consistent with Carlisle's vision of
operating a portfolio of businesses with highly specialized, highly
engineered manufactured products in strong growth markets. While we
believe FoodService is a valuable asset with industry leading brands and
a strong management team, the sale of CFS will allow Carlisle to focus
on our core businesses, and result in a portfolio that is better aligned
with our operating strengths. We regard the sale of CFS to The Jordan
Company as an excellent opportunity for FoodService to optimize its
long-term growth and profitability.
I want to thank the customers and suppliers of FoodService for their
loyalty. In addition, on behalf of Carlisle shareholders and the
executive management team, I want to thank the employees of CFS for
their dedication and hard work over the years to make CFS a world-class
industrial business."
The Jordan Company, founded in 1982, is a middle-market private equity
firm that manages funds with original capital commitments in excess of
$8 billion with a 36-year track record of investing in and contributing
to the growth of many businesses across a wide range of industries.
Headquartered in New York, TJC also has offices in Chicago.
Conference Call and Webcast
The Company will discuss the CFS sale transaction during its scheduled
fourth quarter 2017 earnings conference call on February 8, 2018, at
5:00 p.m. ET. The call may be accessed live by going to the Investor
Relations section of the Carlisle website (http://www.carlisle.com/investor-relations/events-and-webcasts/default.aspx),
or the taped call may be listened to shortly following the live call at
the same website location. A PowerPoint presentation will accompany the
call and can be found on the Carlisle website as well.
About Carlisle Companies Incorporated
Carlisle Companies Incorporated is a diversified, global portfolio of
niche brands and businesses with highly engineered and high margin
products. Carlisle is committed to generating superior shareholder
returns by combining a unique management style of decentralization,
entrepreneurial spirit, active M&A, and a balanced approach to capital
deployment, all with a culture of continuous improvement as embodied in
the Carlisle Operating System. Carlisle’s markets include: commercial
roofing, agriculture, mining, construction, aerospace, defense,
foodservice, healthcare, sanitary maintenance, transportation,
industrial, protective coating and auto refinishing. Carlisle’s
worldwide team of employees generated $3.7 billion in net sales in 2016.
Learn more about Carlisle at www.carlisle.com.
Transaction Advisors
Guggenheim Securities, LLC acted as financial
advisor to Carlisle on the transaction.
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Source: Carlisle Companies Incorporated