Historic Belper-based manufacturer Arbo has been sold to Carlisle Companies Incorporated, a company listed on the New York Stock Exchange, for an undisclosed sum.
Arbo manufactures sealants, coatings and membrane systems used by architects and contractors for waterproofing and sealing buildings and other structures.
The business has been established for over 150 years and incorporated as Adshead Ratcliffe in the 1940s. The selling shareholders acquired Arbo in 2007 in a management buy-out and will be continuing to work in the business after the sale.
The sellers were advised by teams from Flint Bishop and Smith Cooper.
Julian Miller, finance director at Arbo, said: “We were keen to find the right succession plan for the Arbo business and Carlisle presented us with a great opportunity. We are excited to become part of their Group, which undoubtedly brings new opportunities for Arbo. We were delighted with the advice and support we received from the teams at Flint Bishop and Smith Cooper”.
Flint Bishop corporate partner Rachel Bennett led the legal advice. She said: “This is an excellent deal for all parties. The shareholders have done a fantastic job progressing the business since their acquisition nearly 10 years ago and this deal gives them an excellent platform to develop the business further as part of a global group”.
Janet Morgan, audit partner at Smith Cooper, added: “We are delighted for the team on the completion of this deal. We have worked with Adshead Ratcliffe (Arbo) since 2007, when we advised on the successful management buyout of the company. We have continued to work with the business over the years as both auditors and advisors. We wish the team well in their future ventures”.
Chris Koch, Carlisle’s president and chief executive officer, said: “The acquisition of Arbo complements our leading position in EPDM roofing systems in Europe and adds new products to our weatherproofing offerings used to improve the thermal performance of buildings. Arbo provides Carlisle additional channels for our existing products and a strong foundation from which to grow Arbo’s business throughout Europe. We are pleased to welcome the Arbo team to Carlisle”.