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Acquisitions | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions 2025 Acquisitions Bonded Logic On June 30, 2025, the Company completed the acquisition of selected assets of Bonded Logic, Inc. and Phoenix Fibers, LLC (collectively, "Bonded Logic"), for cash consideration of $60.7 million, subject to customary post-closing purchase price adjustments that are expected to be finalized in the fourth quarter of 2025. Bonded Logic is a U.S. manufacturer of sustainable thermal and acoustical insulation products and is best known for its innovative natural fiber insulation products. The acquisition of Bonded Logic is consistent with Carlisle’s Vision 2030 strategy and its strategic pivot to a pure play building products company. The acquisition reinforces Carlisle’s emphasis on increased investment in innovation, synergistic M&A, delivering on its sustainability commitments, and bringing to market new building envelope products that deliver energy efficiency and contractor labor-savings. The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. The following table summarizes the consideration transferred to acquire Bonded Logic and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  |  |  |  |  |  |  |
(in millions) |  | As of 6/30/2025 |  |  |  |  |  |
Total cash consideration transferred |  | $ | 60.7 |  |  |  |  |  |  |  |  |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |
Receivables, net |  | 3.2 |  |  |  |  |  |  |  |  |
Inventories |  | 5.0 |  |  |  |  |  |  |  |  |
Other current assets |  | 0.1 |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | 13.5 |  |  |  |  |  |  |  |  |
Other intangible assets |  | 9.0 |  |  |  |  |  |  |  |  |
Other long-term assets |  | 10.2 |  |  |  |  |  |  |  |  |
Accounts payable |  | (3.3) |  |  |  |  |  |  |  |  |
Other current liabilities |  | (5.2) |  |  |  |  |  |  |  |  |
Other long-term liabilities |  | (7.7) |  |  |  |  |  |  |  |  |
Total identifiable net assets |  | 24.8 |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 35.9 |  |  |  |  |  |  |  |  |
All of the $9.0 million preliminarily allocated to other intangible assets relates to a technology asset with a useful life of 15 years. ThermaFoam On February 3, 2025, the Company completed the acquisition of selected assets of ThermaFoam Operating LLC, PowerFoam LLC, and ThermaFoam Real Estate LLC (collectively, "ThermaFoam"), for cash consideration of $52.9 million, subject to customary post-closing purchase price adjustments that are expected to be finalized in the third quarter of 2025. ThermaFoam provides expanded polystyrene insulation products into the commercial, residential, and infrastructure construction markets through both the ThermaFoam and PowerFoam brands. The purchase of ThermaFoam supports Carlisle’s Vision 2030 strategy and strategic pivot to a pure play building products company, builds on the recently completed acquisition of PFB Holdco, Inc. ("PFB") and leverages Carlisle’s vertically integrated expanded polystyrene capabilities while adding geographic coverage in Texas and the South Central United States. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire ThermaFoam and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Preliminary Allocation
(in millions) |  | As of 2/3/2025 |  |  | As of 6/30/2025
Total cash consideration transferred |  | $ | 52.9 |  |  | $ | — |  |  | $ | 52.9 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Receivables, net |  | 2.7 |  |  | 0.2 |  |  | 2.9 |
Inventories |  | 1.4 |  |  | — |  |  | 1.4 |
Other current assets |  | 0.1 |  |  | — |  |  | 0.1 |
Property, plant and equipment |  | 8.8 |  |  | — |  |  | 8.8 |
Other intangible assets |  | 6.7 |  |  | — |  |  | 6.7 |
Accounts payable |  | (0.9) |  |  | 0.1 |  |  | (0.8) |
Other current liabilities |  | (0.6) |  |  | 0.3 |  |  | (0.3) |
Total identifiable net assets |  | 18.2 |  |  | 0.6 |  |  | 18.8 |
Goodwill |  | $ | 34.7 |  |  | $ | (0.6) |  |  | $ | 34.1 |
The preliminary fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 6.5 |  |  | 9
Other intangibles |  | 0.2 |  |  | 5
Total |  | $ | 6.7 |  |  |
2024 Acquisitions PFB On December 18, 2024, the Company completed the acquisition of 100% of the equity interests of PFB for cash consideration of $266.5 million, including $6.4 million of cash acquired, subject to certain customary purchase price adjustments that were finalized in the second quarter of 2025. PFB is a leading vertically integrated provider of expanded polystyrene insulation products across Canada and the Midwestern United States. The following table summarizes the consideration transferred to acquire PFB and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Preliminary Allocation |  |  |  |
(in millions) |  | As of 12/18/2024 |  |  | As of 6/30/2025 |  |  |
Total cash consideration transferred |  | $ | 268.9 |  |  | $ | (2.4) |  |  | $ | 266.5 |  |  |  |  |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 6.4 |  |  | — |  |  | 6.4 |  |  |  |  |
Receivables, net |  | 9.6 |  |  | — |  |  | 9.6 |  |  |  |  |
Inventories |  | 14.5 |  |  | — |  |  | 14.5 |  |  |  |  |
Other current assets |  | 6.6 |  |  | (0.7) |  |  | 5.9 |  |  |  |  |
Property, plant and equipment |  | 31.7 |  |  | — |  |  | 31.7 |  |  |  |  |
Other intangible assets |  | 112.8 |  |  | 11.5 |  |  | 124.3 |  |  |  |  |
Other long-term assets |  | 46.1 |  |  | 0.1 |  |  | 46.2 |  |  |  |  |
Accounts payable |  | (4.6) |  |  | 0.7 |  |  | (3.9) |  |  |  |  |
Other current liabilities |  | (27.8) |  |  | 13.8 |  |  | (14.0) |  |  |  |  |
Deferred taxes |  | (27.9) |  |  | (2.2) |  |  | (30.1) |  |  |  |  |
Other long-term liabilities |  | (43.5) |  |  | (0.1) |  |  | (43.6) |  |  |  |  |
Total identifiable net assets |  | 123.9 |  |  | 23.1 |  |  | 147.0 |  |  |  |  |
Goodwill |  | $ | 145.0 |  |  | $ | (25.5) |  |  | $ | 119.5 |  |  |  |  |
The preliminary fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 81.5 |  |  | 11
Trade names |  | 15.0 |  |  | 15
Technologies |  | 27.8 |  |  | 11
Total |  | $ | 124.3 |  |  |
MTL On May 1, 2024, the Company completed the acquisition of 100% of the equity of MTL Holdings LLC ("MTL") for cash consideration of $424.6 million, including $10.3 million of cash acquired, subject to certain customary post-closing purchase price adjustments that were finalized in the third quarter of 2024. MTL is a leading provider of prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional and industrial buildings. The following table summarizes the consideration transferred to acquire MTL and the allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Final Allocation
(in millions) |  | As of 5/1/2024 |  |  | As of 4/30/2025
Total cash consideration transferred |  | $ | 423.1 |  | $ | 1.5 |  | $ | 424.6
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 10.3 |  | — |  | 10.3
Receivables, net |  | 14.0 |  | — |  | 14.0
Inventories |  | 17.2 |  | (0.4) |  | 16.8
Other current assets |  | 0.9 |  | — |  | 0.9
Property, plant and equipment |  | 10.7 |  | (0.3) |  | 10.4
Other intangible assets |  | 248.3 |  | — |  | 248.3
Other long-term assets |  | 8.1 |  | 0.3 |  | 8.4
Accounts payable |  | (5.9) |  | — |  | (5.9)
Other current liabilities |  | (6.1) |  | — |  | (6.1)
Deferred taxes |  | (6.9) |  | 0.4 |  | (6.5)
Other long-term liabilities |  | (6.7) |  | (0.9) |  | (7.6)
Total identifiable net assets |  | 283.9 |  | (0.9) |  | 283.0
Goodwill |  | $ | 139.2 |  | $ | 2.4 |  | $ | 141.6
The fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 183.1 |  |  | 13
Trade names |  | 44.6 |  |  | 19
Technologies |  | 18.1 |  |  | 11
Software |  | 2.5 |  |  | 5
Total |  | $ | 248.3 |  |  |

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