Carlisle To Buy Liquid Finishing Business Assets From Graco - Quick Facts

(RTTNews) - Carlisle Companies Inc. (CSL), a diversified manufacturing company, has agreed to acquire from Graco Inc. (GGG) and its subsidiary Finishing Brands Holdings, Inc. their held separate liquid finishing business assets in a $590 million cash deal. The Liquid Finishing Brands business was purchased by Graco in April, 2012, as part of its purchase of the liquid and powder finishing businesses of Illinois Tool Works Inc. (ITW). Currently, the Liquid Finishing Brands business is being held separate from Graco's other businesses pursuant to an order of the U.S. Federal Trade Commission or "FTC", and Graco is required to sell the business within 180 days after entry of the FTC's final divestiture order, that occurred on October 6, 2014.

The transaction is likely to be accretive to Carlisle in the first year. Carlisle would include Liquid Finishing Brands in a new industry segment named Carlisle Fluid Technologies.

With annual sales of nearly $275 million, Liquid Finishing Brands is a manufacturer and supplier of liquid finishing equipment and systems serving diverse end markets for paints and coatings, including OE automotive, automotive refinishing, aerospace, agriculture, construction, marine, rail and other industrial applications. It operates from 26 locations in 7 countries with 50% of its sales in the Americas and the remainder mainly in Asia and Europe. Liquid Finishing Brands manufactures and sells products under the well-known brand names of Binks, DeVilbiss, Ransburg and BGK.

J.P. Morgan is serving as exclusive financial advisor and Dorsey & Whitney LLP is serving as legal counsel to Carlisle.