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April 08, 2008 - Castle Harlan Company AmeriCast Completes Second Acquisition

NEW YORK, April 2, 2008 - Castle Harlan, Inc., the New York private equity investment firm, announced today that its portfolio company, AmeriCast Technologies, Inc., a North American leader in the design and manufacture of large, complex steel castings, has purchased A.G. Anderson Ltd., a widely respected foundry in London, Ontario, that produces castings in large steel, stainless steel and complex ferrous alloys, primarily for the energy industry.

 

Terms of the transaction were not disclosed. The combined company will have annual revenues of more than $335 million. David Anderson, the president of A.G. Anderson, will continue in that position and own a stake in AmeriCast.

 

It was the second significant acquisition AmeriCast has made since Castle Harlan acquired it in November 2006. In April 2007, AmeriCast bought Atlas Castings and Technology, which makes large specialty steel castings for the energy and defense industries.

 

Howard Morgan, a senior managing director at Castle Harlan who heads the firm's AmeriCast team, said the Anderson acquisition was an excellent fit for AmeriCast in many ways.

 

"It will strengthen AmeriCast's product offerings significantly," he said, "by expanding its capacity in mid-range large complex castings and broadening the range of alloys, technical expertise and pattern-making that it can offer to AmeriCast customers."

 

Anand Philip, a senior associate who led Castle Harlan's negotiating team, said the Anderson operation will be integrated and coordinated with the operations of London Precision Machining, an AmeriCast division also located in London, Ontario, a move that is expected to result in meaningful benefits for the combined AmeriCast organization and its customers.

 

AmeriCast Technologies, Inc. (www.americasttech.com) is a world leader in the design, manufacture and supply of large highly engineered complex ferrous sand castings, machined components and assemblies through its six North American production facilities. AmeriCast casts large and difficult-to-manufacture parts and is a critical supplier to Fortune 50 manufacturers in the energy, mining, locomotive and mass transit industries. AmeriCast now comprises six wholly owned business units: Atchison Steel Castings, based in Atchison, Kansas, and St. Joseph, Missouri; Atlas Castings and Technology in Tacoma and Chehalis, Washington; AmeriCast Global Services; Amite Foundry near New Orleans; London Precision Machining in London, Ontario; and A.G. Anderson in London, Ontario.

 

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, in Australasia. Castle Harlan has completed 48 acquisitions (excluding add-ons) since its inception with a total value of more than $9 billion. CHAMP Private Equity has completed 14 acquisitions since 2000.

 

Castle Harlan's current portfolio companies, which employ more than 42,000 people, include United Malt Holdings, one of the world's largest producers of malt used in the brewing and distilling industries; Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; and Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers.