05:47 AM EDT, 03/19/2024 (MT Newswires) -- Carlisle Companies ( CSL ) said late Monday it has agreed to acquire MTL Holdings from private equity GreyLion Partners for $410 million in cash.

MTL produces prefabricated edge metal for roofing systems in commercial, institutional and industrial buildings.

Carlisle said the purchase price amounts to 8.7 times MTL's adjusted earnings before interest, taxes, depreciation and amortization. The company generated $132 million in revenue for the 12 months that ended Feb. 29.

The deal is expected to close in Q2, subject to customary conditions. Carlisle said it expects the acquisition to generate cost synergies of about $13 million within three years, and add an estimated $0.60 to the company's adjusted earnings per share in the first full fiscal year.

Shares of industrial engineering and manufacturing group Carlisle were up more than 2.7% in recent Tuesday premarket activity.

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