NEW YORK, June 1, 2006 - Castle Harlan, Inc., the New York private equity investment firm, announced today the widely anticipated promotion of Justin B. Wender to president of the firm. He succeeds Leonard M. Harlan, who will continue his fulltime activities as chairman of the newly formed Executive Committee.
Wender, who is 37, had been named chief investment officer and a senior managing director in June 2004. He has been with Castle Harlan since 1993, a period during which the firm invested three funds totaling approximately $2 billion. The executive changes are effective today.
John K. Castle, chairman of the firm, said Wender was "an extraordinarily talented and thoughtful professional. He has a collegial style that encourages people to work together effectively, and he commands the respect of his colleagues and our limited partners."
Castle noted that Wender in recent years has been taking increasing leadership responsibility in the investment process and directing his colleagues involved in structuring and managing deals. He also has been presiding over the firm's weekly meetings of managing directors and other professionals.
"Justin Wender is an excellent choice as president," Harlan said. "He has already made a very significant contribution to Castle Harlan over the past 13 years, and his appointment greatly strengthens the leadership of our firm."
Wender gave significant credit to both Castle and Harlan for his personal development at the firm.
"John and Leonard have been incredible mentors to me, and I'm deeply appreciative of the many opportunities and guidance they have given me over these many years," Wender said. "I look forward to continuing to work closely with them and the rest of our very talented team."
Wender, a native New Yorker, is a graduate cum laude from Carleton College in Northfield, Minnesota, and is a member of that college's Board of Trustees. He earned a master's degree in business administration from the Wharton School. Before joining Castle Harlan, he was a professional for two years with the Corporate Finance Group at Merrill Lynch & Co.
Wender is a director of several Castle Harlan portfolio companies, including Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses; McCormick & Schmick's, a top operator of upscale seafood restaurants; Ames True Temper, a major manufacturer of lawn and garden tools; Caribbean Restaurants, the exclusive Burger King franchisee in Puerto Rico, and Polypipe Global Holdings, a leading supplier of plastic pipe systems in the United Kingdom and Ireland.
Wender is also chairman of the International Center for the Disabled (ICD), an organization that promotes the physical and emotional rehabilitation of the disabled, and is a director of the Pew Center on Global Climate Change.
Castle and Harlan, who founded the firm in 1987, will both continue to have active roles with Castle Harlan.
Castle Harlan invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 10 managing directors, including its founders, has completed 43 acquisitions since its inception with a total value in excess of $8 billion. It is currently investing its fourth fund, Castle Harlan Partners IV, which closed in September 2003 with capital commitments of $1.2 billion. The companies now in the firm's portfolio have 42,000 employees.
Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP Private Equity, which is Australia's oldest and largest independent private equity firm.