A UNIQUE PRIVATE EQUITY INVESTMENT FIRM
7777 Fay Avenue, Suite 200
La Jolla, California 92037
Phone:  459.2922 / Fax:  459.3776
Last Update: November, 2001
Carlisle Enterprises, LLC is a uniquely qualified private equity investment firm wholly owned
and operated by its principals. During the last seven years, Carlisle has acquired a total of forty
companies involved in industrial manufacturing and related services with annual sales in
excess of $2.5 billion. The acquisitions are grouped into eleven platforms, two of which are
build-up strategies comprised of sixteen companies.
The firm’s partners provide unique operational experience and invaluable skills for improving
and growing businesses. Five of the seven full time principals of Carlisle are former chief
executive officers, presidents and/or chief financial officers of large diversified manufacturing
and service companies.
Industries targeted for acquisition include a broad array of industrial manufacturing, industrial
service and selected technology areas where the experience of the Carlisle principals can be
applied. Industries that are not of interest to the firm are consumer products, financial services,
retail and wholesale distribution, commercial computer hardware or pure software products.
Carlisle can provide up to $200 million of equity in a single transaction, and has closed
transactions involving companies with revenues ranging from $25 million to $700 million.
Candidate companies can be profitable or underperforming with annual revenues of $50
million to $1.5 billion, and are usually headquartered or have a significant sales and
manufacturing base in the United States or Canada.
Carlisle prefers to team with existing management and provides attractive performance based
equity incentives for the key members of the management team. When needed, Carlisle
principals serve as interim or permanent CEOs or CFOs. The firm has a proven track record of
working with management and owners to close transactions of any complexity in a timely
Carlisle is highly flexible in structuring transactions and has extensive experience in:
• Recapitalization of private companies
• Consolidation of a fragmented industry by acquisition
• Acquisition of a division or subsidiary of public companies – historically, this
experience includes transactions with DuPont, General Motors, Allied Signal,
Monsanto, Imperial Chemical, and WMX Technologies.
For additional information, please contact a principal at:
7777 Fay Avenue, Suite 200
La Jolla, California 92037
Phone:  459.2922 / Fax:  459.3776
DAVID L. CANEDO
Brings 30 years of general management and finance experience to Carlisle. He is currently serving as
Chairman of Duro Industries, Inc., and formerly served as Chief Financial Officer of Fiberite, Inc., both
Carlisle portfolio companies. Mr. Canedo also served as Vice President/General Manager of the $300
million metal and composites bonding unit of Rohr Industries, Inc.
JAMES S. CARLISLE
For a period of 26 years, has led an acquisition investment program acquiring industrial and aerospace
manufacturing companies, plus has executive management experience running both troubled and
RICHARD W. DETWEILER
Thirty years of experience including serving as Chairman and Chief Executive Officer of an publicly
traded industrial and aerospace corporation and as Chief Financial Officer of Solar Turbines, a $400
million international turbine manufacturer. In addition, he has held general management and other
executive positions in companies including Caterpillar, Sundstrand and Navistar.
DENNIS A. DUNN
Involved in all phases of the mergers and acquisitions process since 1988, principally in industrial
manufacturing and services. He brings to Carlisle several prior years of management consulting
experience with McKinsey & Company, Inc., a leading worldwide consulting firm, where he served
large U.S. and foreign corporations.
PHILIP J. SAUDER
Chairman of Alpha Technologies and Aviation Systems International (ASI), both Carlisle portfolio
companies. Alpha is the leading manufacturer of sophisticated instruments and software which
measure characteristics of compounded rubber and other industrial compounds. ASI is a supplier of
aircraft spare parts to the commercial and general aviation markets worldwide. Mr. Sauder
previously served as Vice President/General Manager of the $500 million aerospace division of Abex,
Inc. and has substantial senior executive experience in the automotive industry.
RALPH E. STEWART
Chairman of Benetech, Inc., a Carlisle portfolio company. Benetech is the leading domestic supplier of
dust management systems to the coal and electric utility industries. Mr. Stewart is a former President
and Chief Executive Officer of the $800 million Pneumo Abex Corporation, and has an extensive
background in the automotive, aerospace, industrial pump and valve industries.
DALE L. ZIEGLER
A broad-based senior executive with over 30 years of experience in industrial and aerospace/defense
industries. He formerly served as the Chief Financial Officer of Kendro Laboratory Products, a
Carlisle portfolio company, and as Managing Director and Chief Financial Officer of Pneumo Abex
Corporation, an $800 million diversified manufacturing company.
Carlisle’s Limited Partners include former CEO’s of DuPont, Tenneco, and Dana Corporation. This group of
20 highly experienced business executives is more fully described in the Carlisle Limited Partners section.
These individuals broaden Carlisle’s knowledge in many industries, and their business judgment, expertise,
and contacts can be invaluable pre and post acquisition.
TARGETED Targets for acquisition include a broad array of businesses engaged in the manufacture of engineered
INDUSTRIES products and materials, selected advanced technologies, as well as service providers to industrial and
commercial customers. See Industry Examples below.
CANDIDATE Candidates include subsidiaries or divisions of public companies, privately held companies and public to
PROFILE private transactions. We generally take a control position, but minority equity positions are of interest in
COMPETITIVE Carlisle prefers companies that are strongly positioned in their market segments with unrecognized and/or
PROFILE unrealized potential for growth, either through internal growth or add-on acquisition. We also are interested
in consolidating fragmented industries through acquisition.
SIZE We are interested in companies with annual revenues in the range of $50 million to $1.5 billion. We will
consider smaller companies as add-ons to portfolio companies and in selected technology investments.
FINANCIAL We will consider both profitable and underperforming businesses, including companies in need of
PERFORMANCE operating or capital restructuring.
PAYMENT A typical transaction provides all cash consideration to sellers. We also will structure a transaction with a
TERMS combination of cash, notes and an earnout or similar performance incentive component.
Our preference is to retain existing management and provide considerable operating autonomy. We
OPERATING typically team with key managers and provide attractive equity incentive programs based on performance.
MANAGEMENT If necessary, we will assume management responsibility or supplement the team from our management
LOCATION Carlisle prefers companies headquartered in the U.S. or Canada, but has interest in U.S. companies with
significant operations outside of North America.
INDUSTRY Examples of business entities that are engaged in the manufacture of engineered products and materials,
EXAMPLES selected advanced technologies or industrial services in which Carlisle has interest and expertise are as
• Power Systems, including internal combustion engines • Industrial Support Services
and related equipment and services • Defense Systems and Products
• Composite Materials and Structures • Aircraft Components, Systems and Services
• Communication and Identification Products and Systems • Life Science and Environmental Products and Services
• Control Systems and Assembles • Liquid and Air Handling Equipment and Services
• Non-Consumer Electronics Products
• Specialty Chemicals, including resins, coatings and
adhesives • Off-Highway Machinery and Equipment
• Diagnostic and Process Control Products, Systems, and • Product Remanufacturing Services
Services • Specialty Metals and Alloys
• Electrical Products and Systems • Vehicular Systems, Parts and Accessories
In addition to the examples noted, the broad backgrounds and operating expertise of our principals cover a large
array of other manufacturing and service enterprises that could be of interest to Carlisle Enterprises.
Carlisle's operating expertise greatly increases the probability of completing acquisitions plus enhances the
success of portfolio companies. Utilized in board and/or executive roles, our partners make key value added
contributions as required by each situation.
Executive roles may be filled by Carlisle's operating executives in portfolio companies. While our preferred
approach is to participate from an active board role, we can supplement the management team to fill a critical
need, in both interim and permanent assignments.
Board of Directors
Chairman (executive or non-executive)
Chief Executive Officer
Chief Operating Officer
Chief Financial Officer
Key value added contributions made by Carlisle executives to portfolio companies include:
Strategic Planning Technology and Product Development
Capital Structuring Production Rationalization
Entrepreneurial Cultural Development Cost Reduction Programs
Leadership Training (Mentoring) Add-On Acquisitions
Financial and Operating Controls Organizational Development
Information Systems Upgrade/Replacement Recruiting Key Management
Market and Business Development Exit Planning
Examples of specific value added contributions by Carlisle Managing Directors and/or Limited Partners to
selected portfolio companies are detailed below.
Industry expertise of Jim Ashton and Dave Canedo led to Carlisle being viewed as a strategic buyer,
overcoming indications that ICI, parent of Fiberite, was not receptive to a financial buyer
Ashton and Canedo used industry relationships in evaluating the industry and conducting pre-
definitive agreement due diligence without (at seller’s request) visiting plants or meeting management
Ashton and Canedo became full-time CEO and CFO, respectively at closing and:
Recruited experience managers with whom they had previously worked
Guided the transition to a stand-alone business, introduced an entrepreneurial culture and guided
the strategic planning process
Introduced management equity participation and incentive compensation programs
Established management, operations and financial planning reporting and control tools
Fiberite was revitalized through hands-on assistance at five manufacturing plants by the new
Canedo led in evaluating and negotiating two add-on acquisitions
Carlisle guided and assisted in the sale process
BRAND SERVICES, INC.
Wayne Hoffman introduced Carlisle to WMX, parent of Brand
Carlisle was responsible for obtaining an exclusive period to negotiate a transaction, with closing
occurring within 90 days of first meeting
Dave Canedo was extensively involved in due diligence, initial organizational efforts and hiring of new
Jim Carlisle serves as active board member and as sounding board and counsel to CEO in operations and
potential exit strategy
Various Carlisle limited partners introduced Brand to a domestic power company and to major foreign
corporations instrumental in key strategic initiatives, and to potential strategic acquirers
Concept for Linc.net brought to Carlisle by specialized intermediary that focuses on build-up strategies
Rich Detweiler was extensively involved in researching the industry, developing the build-up case and
selection, evaluation and due diligence on all ten acquisitions
Detweiler served full-time in interim operating roles in Linc.net, both as CFO and COO, and:
Recruited permanent CFO, COO and other key financial and operating executives
Led overall development of business strategy and initial operating plans
Directed installation and upgrade of information systems
Detweiler serves as key advisor to institutional equity partners regarding strategy, effectiveness of
management and business practices
Bill Antle, who has extensive industry experience, serves as Chairman, and identified Linc.net’s CFO
from prior personal contacts
Rich Detweiler recognized the potential of the industry segment and along with Ralph Stewart
developed an excellent relationship with owners that caused them to select Carlisle as the investor most
able to assist in future growth
Stewart, as part-time non-executive Chairman, and Dale Ziegler as active director, introduced formal
corporate governance into Benetech
Stewart serves as mentor to CEO and as intermediary between management and board
Stewart guided organizational development and introduced and developed management equity and
incentive compensation programs
Ziegler led management through development of a strategic plan and assisted in implementing financial
and operational performance tools into Benetech
Carlisle assisted in due diligence and negotiation of an add-on acquisition which doubled the size of
KENDRO LABORATORY PRODUCTS, L.P.
Carlisle was brought into the transaction by our institutional equity partner who would not proceed
without Carlisle’s involvement because it was a difficult carve-out of an incomplete business without a
full management team
Ralph Stewart and Dale Ziegler became full-time CEO and CFO, respectively, at closing, and:
Guided the transition to a stand-alone business and introduced an entrepreneurial culture to
Introduced management equity participation and incentive compensation programs
Installed management, operations and financial planning reporting and control tools, including
replacing all information systems
Guided a strategic planning process that led to the acquisition of a larger European-based
Managed the integration of two business into a single world-wide entity, capturing the synergies
Recruited replacements for CEO and CFO
Carlisle provided guidance for the orderly sale of Kendro to a strategic buyer
CARLISLE MANAGING DIRECTORS
David Canedo, Managing Director, joined Carlisle in 1994 and has more than 30 years
experience in general management, finance and quality management in aerospace and
general manufacturing industries. He is an executive skilled in leading diverse
organizations in increasing bottom line results through restructuring, strategically
focused planning, quality improvements and proactive employee involvement. His
hands-on experience encompasses the entire spectrum of financial management from
the capital markets to cost control.
David L. Canedo
For most of his career, Mr. Canedo served in a variety of roles with Rohr Industries, Inc., a major aerospace
subcontractor with revenues in excess of $1.4 billion. In his last position as Vice President-General Manager of
Rohr's Riverside, California and Hagerstown, Maryland manufacturing facilities, he led an organization of 2,600
employees with revenues of approximately $400 million to the best results in their history, improving cost
efficiency by over $30 million.
Mr. Canedo is currently serving as Chairman and previously served as Chief Executive Officer of Duro
Industries, a Carlisle Enterprises portfolio company. Prior to his involvement with Duro he was the Chief
Financial Officer and served on the board of Fiberite, Inc., a Carlisle Enterprises portfolio company.
Jim Carlisle, Chief Executive Officer and a founder of Carlisle Enterprises in 1990, has
over 30 years of experience in mergers and acquisitions, primarily focused in the
industrial manufacturing and aerospace sectors. His experience also includes serving as
President and/or Chief Executive Officer of several companies that he has acquired.
Since 1975 Mr. Carlisle has acquired companies for himself and investor partners. In the
first ten years of his acquisition program, Mr. Carlisle was responsible for locating,
evaluating and valuing all of the companies he acquired as well as handling acquisition
James S. Carlisle negotiations and the raising of the equity and debt capital. In addition, he was
CEO responsible for the sale of these companies.
Prior to 1975, Mr. Carlisle managed an automotive manufacturing, engineering and testing company, which he
brought from losses to substantial profitability and then assisted in its sale. In addition, he was involved with the
simultaneous turnaround of four subsidiaries of Armco Steel and assisted with many acquisitions for Whittaker
Mr. Carlisle currently serves on the board of Brand Services, Inc. He formerly served on the boards of Fiberite,
Sorvall Products (predecessor to Kendro Laboratory Products), Garrett Aviation Services (all current or former
Carlisle Enterprises portfolio companies), as well as Chairman of the Board of Fourth Generation Technology, Inc.
CARLISLE MANAGING DIRECTORS
Rich Detweiler, Managing Director, joined Carlisle in 1996, and brings 30 years
experience in general management, manufacturing and finance in an unusually diverse
array of product technologies, service industries and global environments. As Chairman
and Chief Executive Officer of Precision Aerotech, Inc. from 1990 to 1996, Mr. Detweiler
completed a complicated restructuring and turnaround of a diversified, publicly traded,
manufactured products company. While profit improvement, cash flow, asset
utilization, consolidation, and debt restructuring initiatives were being implemented,
Mr. Detweiler developed and successfully put in place business diversification
Richard W. Detweiler strategies that led to a doubling of sales over a three-year period.
In 1982, while directing product manufacturing operations for Caterpillar's Solar Turbines, Inc., industrial power
systems business, Mr. Detweiler was asked to assume overall general management responsibility to turn around its
aerospace gas turbine systems division. As a result of improvements in profitability, return on assets, meeting
customer commitments and a three-fold increase in sales to $120 million, Sundstrand Corporation acquired the
division and incentivised Mr. Detweiler to continue with the business. Mr. Detweiler's senior manufacturing
responsibilities followed his extensive experience in finance and planning as the Chief Financial Officer of the $400
million Solar Turbines business.
Mr. Detweiler recently served as interim Chief Operating Officer of Linc.net, a Carlisle Enterprises portfolio
company, formed to execute a build up via acquisition of the premier supplier of communication infrastructure
services. He currently serves on the boards of Linc.net and Precision Partners, both Carlisle Enterprises portfolio
companies, and as a Director of Treesource Industries, Inc. He has previously served as a Director of Precision
Aerotech, Inc., and various foreign subsidiaries and joint ventures of Caterpillar, Sundstrand and Navistar.
Dennis Dunn, Managing Director, began his career in acquisitions in 1988, and joined
Carlisle in 1992. Prior to joining Carlisle, Mr. Dunn led acquisitions in industrial
manufacturing and distribution segments, developing a portfolio of leading companies
in truck body and accessories manufacturing, steel distribution, specialty metal alloy
investment casting and machining, and floor coverings manufacturing and distribution.
His responsibilities included structuring and negotiating purchase agreements;
conducting market, competitive and economic analysis; performing due diligence; and
negotiating loan agreements and closing documentation. He also held principal
Dennis A. Dunn responsibility for all marketing and acquisition candidate generation efforts.
Prior to his acquisitions experience, Mr. Dunn worked with McKinsey & Company, an international general
management consulting firm. Mr. Dunn contributed to a number of strategic management, marketing,
organizational, and internal efficiency improvement engagements while at McKinsey, building the competitive
positions and profitability of Fortune 100 companies and their subsidiaries.
Mr. Dunn began his professional career with Conoco Inc., a DuPont subsidiary, in the company's domestic oil and
gas exploration division. He holds a B.S. in Administrative Science from Yale University and an M.B.A. from The
Graduate School of Business at Stanford University. Mr. Dunn is actively involved in all phases of Carlisle's
acquisition program, including acquisition candidate development, industry and financial analysis, transaction
structuring and closing activities. He also serves on the boards of Alpha Technologies and Aviation Systems
International, both Carlisle Enterprises portfolio companies.
CARLISLE MANAGING DIRECTORS
Dale Ziegler, Managing Director who joined Carlisle in 1993, is a broad-based business
generalist with over 30 years of experience in a wide variety of businesses with
emphasis in companies manufacturing engineered products serving industrial and
aerospace industries. Mr. Ziegler has extensive experience as a senior financial
executive, and possesses particular expertise in operationally oriented techniques and
controls from the general management perspective, including profit improvement/cost
reduction actions, cash flow management and asset management. His extensive
Dale L. Ziegler experience in problem-solving environments includes business evaluation, planning
Managing Director and strategy formulation, crisis management, restructuring and product line/facility
pruning. Mr. Ziegler also is experienced and knowledgeable in all aspects of both buyer
and seller sides of acquisition and divestiture transactions.
For 15 years prior to joining Carlisle, Mr. Ziegler held a variety of positions with Abex, Inc. (and predecessors),
most recently as Chief Financial Officer of Pneumo Abex Corporation, an $800 million corporate-sponsored LBO
consisting of five operating units serving the aerospace and industrial markets. Previously, Mr. Ziegler was one of
the original Managing Directors of The Henley Group when it was spun-off from Allied-Signal. In earlier years,
Mr. Ziegler held a variety of executive financial positions with The Signal Companies and Wheelabrator-Frye,
both also predecessors of Abex, Inc.
Prior to joining a predecessor of Abex in 1978, Mr. Ziegler was employed from 1972 to 1978 by Rockwell
International in various assignments in automotive and industrial manufacturing business units and in their
corporate finance staff. Mr. Ziegler began his career with LTV Steel from 1968 to 1972.
Mr. Ziegler currently serves on the board of Benetech, Inc. and formerly served as a Director of Kendro
Laboratory Products, both Carlisle Enterprises portfolio companies. Until 1999, he served as Chief Financial
Officer of Sorvall following its acquisition from DuPont and during the merger with Heraeus Instrument Group
to form Kendro. Previously, Mr. Ziegler served as Director, Vice President and Chief Financial Officer of Garrett
Aviation Services, a Carlisle Enterprises portfolio company until its sale in 1996.
CARLISLE LIMITED PARTNERS
WILLIAM S. ANTLE
William Antle is the former Chairman, President and Chief Executive Officer of Oak Industries Inc., a leading
manufacturer of highly engineered components for the communications industries. Prior to serving at Oak
Industries, Mr. Antle was Executive Vice President at Bain and Company, an international strategic consulting firm,
where he held administrative responsibility for one of the five operating groups which ran Bain and Company's
North American consulting practice. He also served as General Manager of a four-plant complex in the U.K. for
Cummins Engine Company, the largest independent manufacturer of diesel engines. Currently, Mr. Antle serves as
Chairman of Linc.net, a Carlisle Enterprises portfolio company, and on the boards of ESCO Electronics Corporation,
GenRad Inc., Nvest Companies, L.P., and John J. Harland Company.
JAMES E. ASHTON
Dr. Ashton was formerly Chief Executive Officer of Precision Partners, a Carlisle Enterprises portfolio company.
Precision Partners was formed through a build-up strategy to create a world-class supplier of outsourced precision
machined and fabricated metal parts for original equipment manufacturers. Dr. Ashton also served as Chief
Executive Officer of Fiberite, Inc., a Carlisle Enterprises portfolio company and a $270 million leader in the
manufacture of advanced composite materials. A former Vice President and General Manager of the $350 million
Armament Systems Division of FMC Corporation, a manufacturer of large automated cannon and missile launching
systems, Dr. Ashton also served as Vice President and General Manager of the HDS Division of Schlumberger, a $160
million manufacturer of instruments, trucks and computers utilized in oil well logging and service. Dr. Ashton is a
former Chairman of the Committee of the Machine Tool Industry for the National Research Council.
DANIEL W. DERBES
Currently President of Signal Ventures, a private investment firm specializing in high growth manufacturing
companies, Mr. Derbes was formerly President of Allied Signal International, a $12 billion manufacturer of
automotive and aerospace products and engineered materials. He previously held the position of President of The
Signal Companies, Inc., a diversified business with $4 billion of revenues in aerospace, electronics and engineering.
Mr. Derbes was a recent director of Oak Industries, Inc. and currently serves on the boards of WD-40 Company and
Sempra Energy and its subsidiaries, San Diego Gas & Electric, Southern California Gas Company and Pacific
HUDSON B. DRAKE
As former President of Allegheny Teledyne's Aerospace, Electronics and Specialty Metals segment, Mr. Drake was
responsible for eight manufacturing companies with sales of $1.5 billion. He also held several other senior operating
management positions at Teledyne, Inc. Prior to joining Teledyne, Mr. Drake served for ten years in a number of
management positions in engineering, operations, and new business development at the Autonetics Division of
Rockwell International. He won a presidential appointment as a White House Fellow and served as the Special
Assistant to the Vice President of the United States.
JOHN E. GLANCY
Dr. Glancy is the current Executive Chairman of ANX e-Business Corp., a high-performance global e-business
infrastructure company and subsidiary of Science Applications International Corporation (SAIC). SAIC has current
annual revenues of $6 billion and provides information technology, systems integration and e-business solutions
worldwide. Formerly, Dr. Glancy was Corporate Executive Vice President for SAIC's $2.6 billion Commercial and
International Business, and he led SAIC's integration of Telcordia, Inc. (formerly part of Bell Labs), one of the world's
largest telecommunications engineering and consulting companies. Dr. Glancy served as the CEO of Telcordia
immediately following its acquisition in 1997, managed the creation and spinout of Tellium, an optical networking
equipment company, and led SAIC's 1994 purchase and eventual spinout of Network Solutions, Inc., the primary
manager of Internet domain names. Under Dr. Glancy's leadership, SAIC extended its reach outside the U.S. with
partnerships such as the formation of INTesa, a joint venture between SAIC and Petroleos de Venezuela, S.A. He also
led the formation of the turbine engine information management company DS&S, a joint venture between SAIC and
Rolls Royce, and the investments in Tecsi and Danet, French and German telecommunications software companies.
Prior to running SAIC's Commercial and International business, he managed the company's Technology Sector that
developed advanced composite materials, instrumentation and control systems, renewable energy systems and
intelligent transportation systems.
CARLISLE LIMITED PARTNERS
WAYNE M. HOFFMAN
Mr. Hoffman is the former Chairman and Chief Executive Officer of Flying Tiger Line, Inc. and Tiger International,
Inc., the international air cargo and transport company. During Mr. Hoffman's 19 years at Flying Tiger, the company
grew to $2.5 billion in revenues and was sold to Federal Express in the late 1980s. Prior to Flying Tiger, Mr. Hoffman
served as Chairman of the Board of the New York Central Transportation Company, and in other executive roles
with the New York Central Railroad Co. and the Illinois Central Railroad. Mr. Hoffman also co-founded the
Hungry Tiger chain of restaurants located throughout the western United States.
CHRISTOPH L. HOFFMANN
As former Executive Vice President, Law and Corporate Administration, and Secretary of Raytheon Company, Mr.
Hoffmann played a leading role in a number of significant acquisitions and divestitures, including Raytheon's
acquisitions of the Hawker Aircraft line from British Aerospace, E-Systems, the Defense Business of Texas
Instruments, and Hughes Aircraft Company. Prior to Raytheon, Mr. Hoffmann was Senior Vice President, Secretary
and General Counsel for Pneumo Abex Corporation, and Staff Attorney and Assistant General Counsel for Textron,
Inc. Mr. Hoffman is a member of the American, Massachusetts, and Rhode Island Bar Associations, and The
Association of General Counsel. He is a Director of the New England Legal Foundation and Associated Industries of
JOHN A. (JACK) KROL
Mr. Krol recently retired as Chairman and Chief Executive Officer of DuPont, a $45 billion research and technology-
based global chemical and energy company offering high-performance products based on chemicals, polymers, fibers
and petroleum. After joining DuPont in 1963, Mr. Krol held various marketing and manufacturing positions in
DuPont Fibers until being named Vice President in 1983. In 1986, he joined DuPont Agricultural Products and served
as Senior Vice President until being named Senior Vice President of DuPont Fibers in 1990. In 1992, Mr. Krol was
elected Vice Chairman, was named President and Chief Executive Officer in 1995, and became Chairman and Chief
Executive Officer in 1997. He is a board member of the Mead Corporation, Armstrong World Industries, Inc.,
Milliken & Company, and Molecular Circuitry, Inc., and he is on the Advisory Boards of Teijin Limited and the
Bechtel Corporation. Mr. Krol was a member of the U.S. Business Roundtable, The Business Council, the National
Association of Manufacturers, the Executive Committees of the Delaware Business Roundtable and the
Business/Public Education Council
DANA G. MEAD
Dana G. Mead recently retired as Chairman and Chief Executive Officer of the $7 billion global manufacturer,
Tenneco Inc., and of the two successor companies of the Tenneco conglomerate, Tenneco Automotive Inc., a
producer of automotive parts, ride control products and exhaust systems, and Pactiv Corporation, a leading
packaging company. Mr. Mead served as Chairman and Chief Executive Officer from 1994 to 1999, and as President
and Chief Operating Officer from 1992 to 1994. He was Chairman and Chief Executive Officer of Case Corporation,
and Chairman of Albright & Wilson Chemicals and Newport News Shipbuilding Inc., both Tenneco subsidiaries.
Mr. Mead served in various executive positions, including Executive Vice President and Director of International
Paper, last serving as Executive Vice President of the pulp and paper sector. Mr. Mead served in the White House
from 1970-1974 as a White House Fellow and as Associate and Deputy Director of the Domestic Council. Mr. Mead
currently serves on the boards of Pfizer Inc., Zurich Financial Services, and TaskPoint.com. He is past Chairman of
the Business Roundtable, the U.S. delegation of the Transatlantic Business Dialogue and is a past Chairman and
former Director of the National Association of Manufacturers. Currently, he is Chairman of the Business Advisory
Council for United Nations Office for Project Services.
SOUTHWOOD J. (WOODY) MORCOTT
Mr. Morcott recently retired as Chairman and Chief Executive Officer of Dana Corporation, a $13 billion, 50,000-
employee, Fortune 500 company that manufactures vehicular and industrial components in 30 countries. Mr. Morcott
started with Dana Corporation in 1963, was appointed President of Dana's North American operations in 1984, and
became Chairman and Chief Executive Officer of Dana Corp. in 1989. Mr. Morcott was a member of The U.S. Business
Roundtable, the Ohio Business Roundtable and the U.S.- Japan Business Council, Inc. He also served as Chairman of
the Board of Trustees of the Manufacturers Alliance. His board positions include CSX Corporation, Phelps Dodge
Corporation, Johnson Controls, Inc. and Navistar.
CARLISLE LIMITED PARTNERS
VINCENT J. NAIMOLI
Mr. Naimoli is currently Managing General Partner/Chief Executive Officer of the Tampa Bay Devil Rays, a major
league baseball expansion franchise that began league play in 1998. He was a founder and former Chairman,
President and Chief Executive Officer of Anchor Glass Container Corporation, which was purchased in a divestiture
from Anchor Hocking Corporation, a leading manufacturer of glass containers for beer, food, soft drinks, toiletries
and cosmetics. Mr. Naimoli grew Anchor Glass from $240 million to a NYSE-listed company with sales of over $1
billion. He also served as President and Chief Executive Officer of Lancaster Capital Corporation, a large private
acquisition fund whose investors included a distinguished group of present and former CEOs of major corporations.
Among Mr. Naimoli's other achievements are serving as Chairman and Chief Executive Officer in the turnarounds of
Electrolux Corporation, Regina Company, Doehler-Jarvis Corporation, Harvard Industries, Ladish Co. (Chairman)
and serving on the board of National Gypsum Company. He is a current Director of Simplicity Pattern Co., Inc.,
Russell Stanley Corp. and Florida Progress Corp.
RALPH E. REINS
Ralph E. Reins is the current Chief Executive Officer of Qualitor, Inc., a leading supplier of aftermarket and original
equipment parts to the automotive and heavy-duty truck industries. He is the former President and Chief Executive
Officer of AP Parts International, a $400 million major supplier of exhaust systems to the automotive original
equipment manufacture and aftermarket industries, in the United States and foreign countries. Mr. Reins was
Executive Vice President of AlliedSignal, Inc. and President of AlliedSignal Automotive, a $5 billion manufacturer of
automotive parts and accessories, where he held direct responsibility for a worldwide enterprise with 33,500
employees in 15 countries. He is the former President of United Technologies Automotive, a $2.4 billion automotive
component business, and Chairman, Chief Executive Officer and President of Mack Truck, a manufacturer of class 7
and 8 heavy duty trucks with sales of $2 billion. Mr. Reins previously was Senior Vice President of ITT Corp. and
President and Chief Executive Officer of ITT-Automotive, a $2.9 billion automotive components business. Earlier, Mr.
Reins held management positions with Rockwell International and General Motors' Chevrolet Motor Division.
WILLIAM A. ROPER, JR.
Currently Corporate Executive Vice President and former Chief Financial Officer of Science Applications
International Corporation (SAIC), a diversified technology services company with annual revenues of $6 billion. Mr.
Roper is responsible for all financial functions with emphasis on acquisitions, venture investing and strategic
development activities. He led SAIC's purchase of Telcordia, Inc. (formerly Bellcore), one of the world's largest
telecommunications software and consulting companies, and also the creation and spinout of Tellium, an optical
networking equipment company. He also led SAIC's purchase and eventual spinout of Network Solutions, Inc., the
primary registry of Internet domain names. He manages SAIC's mergers and acquisitions and, as Chairman of SAIC
Venture Capital Corporation, also manages venture capital investment activities for strategic growth and business
development initiatives. SAIC VCC currently has investments in more than 30 early stage technology companies and
assets valued at more than $2 billion. Mr. Roper previously served as Executive Vice President and Chief Financial
Officer of Intelogic Trace, Inc., a NYSE-listed nationwide computer support organization. Mr. Roper formerly served
in several capacities with Bell & Howell Company, including Corporate Vice President and Treasurer. He was
involved in numerous strategic acquisitions and divestitures, as well as the initial public offering of a subsidiary, and
the company's first public debt offerings.
PHILIP J. SAUDER
Mr. Sauder has been actively participating in Carlisle's acquisition program on a full-time basis since 1994. He
currently is Chairman of Alpha Technologies as well as Aviation Systems International (ASI), both Carlisle
Enterprises portfolio companies. Alpha is a manufacturer of sophisticated instruments and software which measure
and test cure characteristics of compounded rubber and other industrial compounds. ASI is a rapidly growing
supplier of spare aircraft parts to commercial and general aviation markets worldwide. Mr. Sauder formerly served
as Vice President and General Manager of the Aerospace Division of Abex Inc., a $500 million manufacturer of flight
and engine control systems; hydraulic pumps, motors and servo valves; automotive friction material and airport
boarding bridges. Other previous positions include President and General Manager of Cleveland Pneumatic
Company, a $275 million company involved in the manufacture and overhaul of aircraft landing gear for commercial
and military customers; General Manager of the PTC Aerospace Division of Pullman Inc., a $75 million manufacturer
of commercial aircraft seating; and Vice President, Operations for Trailmobile, Inc., a manufacturer of over-the-road
CARLISLE LIMITED PARTNERS
GEORGE A. SISSEL
Mr. Sissel is Chairman and former Chief Executive Officer of Ball Corporation and Chairman of Ball Aerospace &
Technologies Corp. Ball Corporation, a $2.9 billion NYSE company, is comprised of two segments: packaging, and
aerospace and technologies. He led the acquisition of Reynolds Metal Company's metal container business, and
initiated a new business segment in plastic beverage bottles, helping to grow Ball into what is now the largest
producer of metal beverage cans in North America. Business areas of Ball Aerospace & Technologies include civil
space systems, commercial space operations, defense systems, systems engineering operations, advanced antennas
and video systems, and communication and video products. Educated as an electrical engineer, Mr. Sissel
subsequently received his Juris Doctorate and worked as an attorney prior to joining Ball in 1970. Mr. Sissel joined
Ball as Group Counsel and over the course of his 30-year career there served as General Counsel, Corporate
Secretary, Senior Vice President and President.
RALPH E. STEWART
Mr. Stewart has been actively participating in Carlisle's acquisition program since 1994. He currently serves as
Chairman of Benetech, a Carlisle Enterprises portfolio company and a leading supplier of dust management systems
to the coal and electric utility industries. He formerly was the Chief Executive Officer of another Carlisle Enterprises
portfolio company, Kendro Laboratory Products, L.P., a $200 million major manufacturer of laboratory equipment for
the life sciences industry. Mr. Stewart also served as President and Chief Operating Officer of Abex, Inc., and
President and Chief Executive Officer of Pneumo Abex Corp., an $800 million manufacturer of landing gear, flight
and engine control systems; hydraulic pumps, motors and servo valves; as well as automotive friction material and
airport boarding bridges. Prior to Pneumo Abex, Mr. Stewart was Group Vice President of Operations for Pullman
Inc. and President of Trailmobile, Inc. His industry knowledge and experience also encompass manufacturing in the
fields of truck trailers, solid waste material handling equipment, automotive stamping, and industrial and
transportation hose and couplings.
J. STARK THOMPSON
Dr. J. Stark Thompson recently retired after 12 years as President and Chief Executive Officer of Life Technologies,
Inc. (LTI), a company with annual revenue of $364 million that manufactures and supplies products used in life
sciences research and commercial manufacture of genetically engineered products. Prior to LTI, Dr. Thompson
served for 21 years with DuPont where he most recently served as Director of its $300 million Diagnostics Systems
Division. He has had extensive experience with DuPont in sales and marketing, both in the U.S. and Europe, as well
as in diagnostics, biotechnology and health care business planning. Dr. Thompson is Chair of the University of
Maryland Biotechnology Institute's Board of Visitors, and is a member of the Board of Directors of The University of
Maryland Foundation, Inc.; The Johns Hopkins University Advisory Board; the Board of Directors of the High
Technology Council of Maryland; the Board of Trustees of Muskingum College; the Association of Clinical Chemists;
and the American Chemical Society. He previously was a member of the Board of Kendro Laboratory Products, L.P.,
a Carlisle Enterprises portfolio company.
HARRY W. TODD
A former Managing Director and founder of Carlisle Enterprises, Mr. Todd has over 40 years experience in general
corporate management and engineering in domestic and international industrial, aerospace/defense and commercial
industries. This experience includes managing turnarounds of several major industrial and aerospace subsidiaries
including two NYSE companies. Mr. Todd served ten years as Chairman, President and Chief Executive Officer of
Rohr Industries, Inc., a $1.4 billion commercial/defense aerospace manufacturing company. Prior to joining Rohr,
Mr. Todd was Chairman, President and Chief Executive Officer of The L.E. Myers Co., a $170 million NYSE electrical
transmission and distribution construction firm, and served as Chairman of L.E. Myers International. Previously, Mr.
Todd served for 30 years with Rockwell International Corp. In his final position as Vice President, Operations, for
Rockwell, he directed the operations of seven separate space and airframe manufacturing businesses that included
the Space Shuttle, B-1 bomber, Saberliner, and other commercial aircraft programs. Other assignments with Rockwell
included serving as President of the Tulsa Aircraft Division, the Textile Machinery Group, and the Industrial &
Marine Group. Mr. Todd currently serves as an advisor to the Board of Directors of Duro, a Carlisle Enterprises
portfolio company. He recently served as a member of the Board of Pacific Scientific Company, Helmerich & Payne,
Inc., and Garrett Aviation Services, a former Carlisle Enterprises portfolio company.
CARLISLE LIMITED PARTNERS
ROBERT R. WOMACK
Mr. Womack is current Chairman of Precision Partners, a Carlisle Enterprises portfolio company, formed through a
build-up strategy to create a world-class supplier of outsourced precision machined and fabricated metal parts to
original equipment manufacturers. He recently retired as Chairman and Chief Executive Officer of USI Bath and
Plumbing Products, a $1.3 billion diversified manufacturer of plumbing, bath and HVAC products sold under such
brands as Jacuzzi, Eljer, Zurn, US Brass and Selkirk. As former Chairman and Chief Executive Officer of Zurn
Industries, an $800 million diversified manufacturing and engineering construction company serving the non-
residential construction and power generation industries, Mr. Womack led Zurn's major complementary acquisitions
of Eljer Industries, Sanitary-Dash and a merger with U.S. Industries. He is the former Vice Chairman, Chief Executive
Officer and Director of IMO Industries, a $1 billion NYSE-listed manufacturer of analytical and optical instruments,
and electronic and mechanical controls, and previously served as President and Chief Operating Officer of the $950
million Controls Division of Siebe plc. Mr. Womack is a former Partner at the international management-consulting
firm of McKinsey & Company, where he served for 12 years advising major domestic and international corporations.
Combined revenues of the acquired platform companies described below are in excess of $2.5 billion.
Linc.net has annual sales of approximately Brand Services, Inc., with annual revenues Precision Partners, with annual sales of
$550 million, and was formed to execute a of approximately $280 million, is the largest approximately $200 million, was formed to
build-up strategy via acquisition. Its domestic provider of industrial scaffolding lead a consolidation acquisition program
objective is to build the premier industry rental, erection and dismantlement services, targeting the metal and specialty metal
supplier of communication infrastructure primarily in the refinery, chemical and alloy precision parts machining and
services. utility industries. fabricating industry.
www.lincnetinc.com www.brandscaffold.com www.precisionpartnersinc.com
Aviation Systems International, Inc. is a Alpha Technologies, the former Rubber
Duro is the largest independent Instruments Division of the Monsanto
supplier of aircraft engines, engine parts,
commission dyer and finisher of broad Company, manufactures sophisticated
and related support items, serving the
woven natural and man-made fabrics in the instruments/software that measure and
worldwide commercial and general
United States, with annual revenues of test cure characteristics of compounded
aviation markets, with revenues of
approximately $200 million.
approximately $40 million. rubber. Annual sales are approximately
www.asiparts.com $30 million. www.alpha-technologies.com
Benetech, with sales of approximately $35 Fiberite, Inc., with annual revenues of $290
million, serves the coal and electric utility Kendro Laboratory Products is a world million, is a world leader in the
industries as the leading domestic supplier leader in providing sample preparation manufacture of advanced composite
of dust management systems. Benetech solutions to the life science industry. materials. Applications include commercial
designs, manufacturers, installs, and Formed by the merger of Sorvall Products and military aircraft structures, satellites,
manages systems, and provides the with Heraeus Instrument Group, Kendro commercial, industrial and medical
chemicals utilized by its equipment. has annual revenues of approximately $200 products. Divested.
www.benetechusa.com million. Divested.
Garrett Aviation Services is a $360 million
leading provider of heavy maintenance, Allison Engine Company has annual
overhaul and modification services for the revenues of approximately $700 million.
corporate aviation and regional/commuter Formerly a division of General Motors,
airline markets. Garrett Aviation is the Allison is a major manufacturer of turbine
exclusive factory-sponsored service and engines for aerospace, industrial and
support for AlliedSignal engines, APU's marine applications, with leading market
and aircraft equipment. Divested. shares in large turboprop engines.
A CARLISLE BUILD-UP STRATEGY
Telpro Technologies, Inc., founded in
1972, provides telecommunication CLS focuses on offering a full range of
companies with a range of communication services to the telecommunication
infrastructure services, primarily serving industry. Services include feasibility
the regional Bell operating companies' studies, project management, surveying,
central offices. construction, permits and inspection.
C&B Associates (C&B) is a leading national North Shore Cable Contractors, Inc. (NSC),
provider of fiber optic network is a leading regional provider of fiber optic
Muller Pribyl (M&P) provides construction and maintenance services to network construction and maintenance
underground construction services to the the telecommunications industry. C&B has services to telecommunications and cable
telecommunications industry, principally particular expertise in the placement of TV companies. NSC has a reputation for
for those segments that are experiencing fiber, directional drilling, rock cutting, providing quality, on-time performance,
tremendous growth. plowing and conduit work. and is an expert in directional boring.
George M is the largest provider of Utility Consultants, Inc. (UCI) specializes in
telecommunications and electric utility Communicor, Inc. provides "local loop" and
providing engineering and related services
network construction and maintenance "last mile" network infrastructure services
to telecommunications, power, broadband
services in the greater Houston area, with to the telecommunications industry, and
and ITS industries throughout the
25-year relationships with two of the largest provides a strong regional support
Southeast, Northeast and on the Pacific
customers in Houston. presence to other Linc.net divisions.
Craig Enterprises, Inc. specializes in cutting Based in New York with operations in
deep-trench sites for fiber optic cable Florida, Felix Industries provides
installation for the telecommunications construction, roadway/bridge, paving,
industry, with significant experience in "last and mechanical services to the utility and
mile" work. telecommunications industries.
Scaffold Rental & Erection (SRE) is Brand Scaffolding Builder, Inc. formerly
headquartered in Atlanta, Georgia. Philip Scaffold Corporation, is located in
Serving a broad range of customers, SRE's Denver, Colorado. Brand Scaffolding
customer base adds to Brand's existing Builder's business scope is in erection and
strength in both the industrial and dismantling.
commercial market segments.
The Brook Company constructs temporary
Scaffold-Jax, is headquartered in
structures and enclosures for the special
Jacksonville, Florida and has over 30 years Kwikrig, Inc. is located in Los Angeles,
events market. Focusing their marketing
experience in the scaffolding field. California. Kwikrig is a major supplier of
efforts in the professional golf market, they
Employing a full-time professional scaffolding to the movie production
have established a reputation as the leading
scaffold erection staff, they offer industry, including all the scaffolding for
supplier of sophisticated structure designs
engineering services and 24-hour the movie "Titanic."
in use in the U.S. market.
Brown is one of the largest providers of The recent acquisition by Brand Services,
temporary grandstands and bleachers to Inc. of Contractors Scaffolding, Inc. of
the special events market, with a customer Orlando, Florida will augment Brand's
base that includes PGA golf, tennis, boxing growth in the Florida market. This
and automotive race events, and parades. addition will be the fourth division
Brown's largest single event is the annual operating in Florida, along with Tampa,
Rose Bowl Parade. Miami and Jacksonville.
r e c is io n
a r tn e r s
A CARLISLE BUILD-UP STRATEGY
Mid-State Machine Products is a leading
manufacturer of precision, high-value
added metal parts and components for the
land-based power turbine and defense
industries, and is currently the primary
supplier of inconel turbine wheels and
spacers to General Electric.
Nationwide Precision Products is a leading
Galaxy supplies high precision metal CFI is a leading designer and manufacturer manufacturer of complex precision parts
components/assemblies to the construction of precision-machined tooling/components and subassemblies for various markets
equipment and high-performance for the commercial and military aerospace, including automotive, industrial machines,
automotive markets, including high- solid rocket and satellite industries. Boeing appliances and refrigeration. Nationwide
tolerance engine blocks, manifold covers, considers CFI a key supplier of high- produces parts for popular sport utility
engine cases, and bearing caps products. precision tooling structures for military and vehicles and light duty trucks.
commercial aerospace applications.
Gillette Machine & Tool Company, Inc.
manufacturers high-quality, tight tolerance,
General Automation leads the automotive
precision-machined components and
and medical industries in manufacturing
subassemblies for diverse markets such as
high-precision screw machined parts.
photo processing, railroad switch and
Many components involve moving parts
signal, automotive, medical diagnostic and
and must be machined to high tolerances to
office imaging equipment.
ensure safe and optimal performance.
ADD ON ACQUISITIONS
Handler Textile Corporation, the largest Balson Hercules (BH) is the most significant
distributor of interlinings and specialty supplier of woven filament fabrics for use
sewing products to the U.S. apparel as lining in men’s and women’s tailored
industry, was acquired by Duro to form clothing. Serving the global manufacturing
Handler Textile, a Division of Duro industry for over 100 years, BH produces
Industries, Inc. Located in Secaucus, New fabrics woven by such high quality weavers
Jersey, the Handler division allows Duro to as Milliken & Co., and is the exclusive
enter the interlinings business in a distributor of ultra high quality 100%
substantial way. Bemberg rayon linings.
Since 1981 Amerex has manufactured,
Eclipse specializes in the development and designed and installed air filtration, gas
marketing of integrated software solutions cleaning and heat recovery systems, and is
for the rubber and polymer industries. one of the largest industrial air pollution
They provide an extensive laboratory control companies in North America.
information management system covering Amerex successfully markets engineered
the full manufacturing process, from raw products and turnkey applications to a
materials to final product analysis and large variety of industries from steel,
release. Eclipse represents a critical value- cement, and rock products to pulp, paper
added complement to Alpha Technologies. and chemical foundries.
Add On Acquisitions
Heraeus Instruments has sales of CARR Separations, Inc. (CARR), acquired
approximately $95 million. Acquired by by Kendro Laboratory Products, was
Kendro Laboratory Products from Heraeus founded in 1993 and is based in Franklin,
Holding, GmbH, a diversified $5 billion Massachusetts. CARR designs,
German company, Heraeus Instruments manufactures and markets a line of high-
specializes in the manufacture, sale and capacity, high-speed centrifuges used in the
servicing of laboratory equipment such as biotechnology, pharmaceuticals and
incubators, centrifuges, clean air specialty-chemical industries. Their
equipment, ovens and freezers. Powerfuge line of centrifuges is marketed
Divested. globally. Divested.
Fiberite, Inc acquired DuPont’s Composites
Materials and Engineering Services
business, with annual revenues of
approximately $25 million. Composite
product lines consist of the AVIMID®
family of high-temperature composite
prepregs and PEKK® thermoplastic
composite sheet materials. Divested.
Simmaco manufactures engineering-grade
bulk molding compounds (BMC) produced
The Jet Center is a $20 million leader in
from vinyl ester and polyester resins, and
maintenance, avionics installation and
fiberglass reinforcements. These materials
custom interior completion work for
are supplied to the transportation,
Gulfstream and large corporate jet aircraft.
electrical, appliance and construction
The company's reputation with the owners
markets in Europe, positioning Fiberite’s
of Gulfstream and other corporate aircraft
complementary products in key
companies complements the core business
international markets. Divested.
of Garrett Aviation Services. Divested.