Private equity firm American Industrial Partners (AIP) has completed the acquisition of the transportation products division (CTP) of Carlisle Companies Incorporated.
The investment was made out of American Industrial Partners Capital Fund V, a USD717.5m fund that closed in December 2011.
CTP, founded in 1917, is a manufacturer of specialty tyres, wheels and power transmission belts for a range of end markets including the outdoor power equipment, agricultural/construction, high speed trailer and power sports markets. The company has revenue of approximately USD765m and 4,000 employees across seven manufacturing facilities and 10 distribution facilities located in the US, Canada, Europe and China.
AIP has a long history of buying industrial businesses, such as CTP, and partnering with management to drive growth.
"We are very excited about the acquisition of CTP," says Joel Rotroff of AIP. "The company has built a very strong brand over its nearly 100-year history and is the market leader in the majority of the markets in which it competes."
"We are extremely pleased to be partnering with the American Industrial Partners team," says Kevin Forster, chief executive of CTP. "As a standalone company, we intend to further invest in our business and build on our long-standing customer relationships and market leading distribution network to further differentiate CTP from its competitors."
