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July 11, 2007 - Castle Harlan's Polypipe Group Acquires Leading Above-Ground Drainage Business

NEW YORK, July 11, 2007 - Castle Harlan, Inc., a leading New York-based private equity investment firm, announced today that its Polypipe Group portfolio company, headquartered in the U.K., has agreed to acquire the Terrain above-ground drainage business of Geberit AG of Switzerland. The transaction is valued at �42.5 million, or approximately $85 million.

 

"This acquisition will give Polypipe the leading brand position in each of the residential, civil and commercial sectors in the U.K., and strong market positions in the plastic piping and sanitary systems markets throughout Europe," said Howard D. Morgan, a senior managing director at Castle Harlan and head of the firm's Polypipe team.

 

Terrain's drainage product portfolio includes a complete range of PVC rainwater, underground, soil and waste systems, which have been well received in the commercial marketplace. Annual sales of the Terrain business, which has 170 employees, are �25 million, or approximately $50 million. With the completion of the transaction, Polypipe's commercial business will be rebranded as Polypipe Terrain.

 

"With the acquisition of the Terrain brand, Polypipe can significantly expand its presence in the commercial piping systems market and further penetrate the professional contractor and engineer base," said David Hall, CEO of Polypipe. "With our strong and well-balanced market position, we are well positioned to embrace and focus on all of the growth opportunities available to us."

 

Comprising 24 principal brands across 14 companies and 2,700 employees in Europe and China, Polypipe was founded in 1980 and has grown into a global organization with annual sales in excess of �330 million, or approximately $660 million. The company produces more than 20,000 products for water, air, energy and telecom applications and its output totals more than 350 million meters of pipe per year.

 

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America, Europe and, together with CHAMP Private Equity, Australasia. Its team of 19 investment professionals in New York has completed 48 acquisitions since its inception with a total value in excess of $9 billion.

 

In addition to Polypipe, Castle Harlan's current portfolio companies, which employ more than 42,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers, and Perkins & Marie Callender's, Inc., which operates and franchises 618 family restaurants in the U.S. and Canada.