American Industrial Partners (AIP), a middle-market private equity firm focused on acquiring and improving North American-headquartered industrial businesses, completed the acquisition of the Transportation Products division (CTP) of Carlisle Companies Incorporated on December 31, 2013.
CTP, founded in 1917, is a leading manufacturer of specialty tires, wheels and power transmission belts for a diverse range of end markets including the outdoor power equipment, agricultural/construction, high speed trailer and power sports markets. CTP has 4,000 employees with 7 manufacturing facilities and 10 distribution facilities located in the United States, Canada, Europe and China.
AIP has a long history of successfully buying industrial businesses, such as CTP, and partnering with management to drive growth. “We are very excited about the acquisition of CTP,” said 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.”
“Working alongside an exceptional management team and talented collection of employees, we plan to drive operational enhancements that will allow CTP to more efficiently and effectively serve the needs of our global customers,” said Justin Fish of AIP.
“We are extremely pleased to be partnering with the American Industrial Partners team,” said Kevin Forster, CEO 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.”