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Castle Harlan - Castle Harlan - Search results http://castleharlan.com Fri, 29 Mar 2024 13:44:52 +0000 Joomla! - Open Source Content Management en-gb Castle Harlan Completes Sale Of MAG Aerospace, Leader in Aircraft Toilets And Trash Compactors http://castleharlan.com/news/item/169-castle-harlan-completes-sale-of-mag-aerospace-leader-in-aircraft-toilets-and-trash-compactors http://castleharlan.com/news/item/169-castle-harlan-completes-sale-of-mag-aerospace-leader-in-aircraft-toilets-and-trash-compactors

NEW YORK, February 2, 1998 - Castle Harlan, Inc., the New York merchant bank, announced today it had completed the sale of MAG Aerospace Industries, Inc., the world's leading manufacturer of aircraft toilets and trash compactors, to Zodiac S.A., a French aeronautical and marine equipment company.

 

The transaction was valued at $180 million, including a $3 million contingency payment if MAG achieves certain performance objectives.

 

MAG, based in Compton, California, was acquired in December 1993 by Castle Harlan Partners II, L.P., a Castle Harlan investment partnership. The sale provides Castle Harlan investors a return of more than 52 percent, compounded annually, said Castle Harlan Vice President Justin Wender, or approximately six times average invested equity.

 

MAG Aerospace is the world's leading supplier of vacuum and recirculating sanitation systems for commercial and commuter aircraft and also has a significant share of the market in toilets for trains and buses. MAG also manufacturers the only trash compactors approved by the Federal Aviation Administration for use on commercial planes.

 

MAG's customers include Boeing, Airbus and Amtrak, as well as railroads in many parts of the world, including France and China.

 

Zodiac is a leader in the manufacture of aircraft passenger seats, aircraft escape chutes, helicopter floats, flexible fuel tanks and parachute systems. The company is also the leading maker worldwide of inflatable boats, life rafts and watersports products. Its headquarters is in Paris, and its shares are traded on the Paris Stock Exchange.

 

Castle Harlan was founded in 1987. The firm is headed by John K. Castle, its chairman and former president and chief executive officer of Donaldson, Lufkin & Jenrette, the Wall Street investment firm, and Leonard M. Harlan, Castle Harlan president, and former chairman and founder of The Harlan Company, a real estate investment and financial advisory firm.

 

The firm's portfolio companies have included Ethan Allen Interiors, the furniture company; Morton's Restaurant Group, the nationwide chain of upscale steakhouses; Smarte Carte, the leading airport baggage cart rental company, and Delaware Management, a major international money-management firm with assets under management of more than $32 billion. Since its found-ing, Castle Harlan has completed acquisitions exceeding $3 billion.

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websupport@netatwork.com (Super User) MAG Aerospace Industries, Inc. Mon, 02 Feb 1998 00:00:00 +0000
Castle Harlan To Sell MAG Aerospace, World Leader In Aircraft Toilets, Trash Compactors, For $180 Million http://castleharlan.com/news/item/170-castle-harlan-to-sell-mag-aerospace-world-leader-in-aircraft-toilets-trash-compactors-for-$180-million http://castleharlan.com/news/item/170-castle-harlan-to-sell-mag-aerospace-world-leader-in-aircraft-toilets-trash-compactors-for-$180-million

NEW YORK, December 21, 1997 - Castle Harlan, Inc., the New York merchant bank, announced today that an investment partnership it manages had signed a definitive agreement to sell MAG Aerospace Industries, Inc., the worldwide leader in aircraft sanitation systems and trash compactors, to Zodiac S.A., a French aeronautical and marine equipment company.

 

The value of the transaction was put at $180 million, including a $3 million contingency payment if MAG reaches specific performance targets.

 

MAG was acquired in December 1993 by Castle Harlan Partners II, L.P., a Castle Harlan investment partnership. Justin Wender, a MAG director and Castle Harlan vice president who negotiated the sale to Zodiac, said the transaction represented a return of more than 52 percent, compounded annually, or approximately six times average invested equity.

 

The transaction is expected to close in the next 90 days.

 

MAG Aerospace, based in Compton, California, is the world's leading supplier of vacuum and recirculating sanitation systems for commercial and commuter aircraft and also has a significant share of the same market for trains and buses. Among its customers are Boeing, Airbus and Amtrak, as well as railroads in many parts of the world, including France and China.

 

MAG also manufactures trash compactors for commercial aircraft that are the only such devices approved by the Federal Aviation Administration.

 

The sale of MAG was the second major transaction announced by Castle Harlan within a week. The firm announced last Thursday the acquisition of Tidewater Compression Services, Inc., a division of Tidewater, Inc., for $360 million. Tidewater Compression is one the world's largest providers of natural gas compression equipment and services.

 

Zodiac is a leader in the manufacture of aircraft passenger seats, aircraft escape chutes, helicopter floats, flexible fuel tanks and parachute systems. The company is also the leading maker worldwide of inflatable boats, life rafts and water-sports products. Its headquarters is in Paris, and its shares are traded on the Paris Stock Exchange.

 

Castle Harlan was founded in 1987. The firm is headed by John K. Castle, its chairman and former president and chief executive officer of Donaldson, Lufkin & Jenrette, the Wall Street investment firm, and Leonard M. Harlan, Castle Harlan president, and former chairman and founder of The Harlan Company, a real estate investment and financial advisory firm.

 

The firm's portfolio companies have included Ethan Allen Interiors, the furniture company; Morton's Restaurant Group, the nationwide chain of upscale steakhouses; Smarte Carte, the leading airport baggage cart rental company, and Delaware Management, a major international money-management firm with assets under management of more than $32 billion. Since its founding, Castle Harlan has completed acquisitions exceeding $3 billion.

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websupport@netatwork.com (Super User) MAG Aerospace Industries, Inc. Sun, 21 Dec 1997 00:00:00 +0000
Company Owned By Castle Harlan Agrees To Make Acquisition http://castleharlan.com/news/item/171-company-owned-by-castle-harlan-agrees-to-make-acquisition http://castleharlan.com/news/item/171-company-owned-by-castle-harlan-agrees-to-make-acquisition

NEW YORK, November 7 -- Castle Harlan, Inc., the New York merchant bank, announced today that its portfolio company, MAG Aerospace Industries, Inc., had signed a definitive agreement to acquire Aero-design Technology, Inc., in a transaction valued at approximately $12 million.

 

Aero-design Technology is the world's only supplier of trash compactors certified by the Federal Aviation Administration that are currently in use on commercial aircraft.

 

The company, based in Valencia, California, was sold by its management and venture capital investors. The in-flight trash compactors it designs, manufactures and markets cut down on the space required for trash on aircraft, allowing airlines to reduce galley sizes and add seats, thus increasing passenger revenues.

 

MAG Aerospace Industries, located in Compton, California, is the world's leading supplier of vacuum and recirculating sanitation systems for commercial and commuter aircraft. In addition, MAG is a leading supplier of similar systems for trains and buses. MAG was acquired in December 1993 by Castle Harlan Partners II, L.P., an investment fund managed by Castle Harlan.

 

Gil Yanuck, chief executive officer of MAG Aerospace, said the acquisition "represents a unique opportunity to combine market leaders and increase the range of products MAG can offer to its customers."

 

He noted that these customers include Boeing, Airbus and Amtrak, as well as railroads in many parts of the world, including China, Japan, Korea and Taiwan.

 

Justin Wender, vice president at Castle Harlan, pointed out that, "while MAG is diversifying its product line, it is keeping its focus on its core competency -- managing the collection and disposal of waste products, primarily on aircraft."

 

Castle Harlan was founded by John K. Castle, a pioneer in institutional private equity investing through limited partnerships and the former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and by Leonard M. Harlan, founder and former chairman of The Harlan Company, a diversified real estate finance and advisory firm that was sold earlier this year to Ernst & Young, the accounting firm.

 

Castle Harlan's portfolio companies have included Delaware Management Company, a Philadelphia money-management firm with more than $30 billion under management; Ethan Allen Interiors, the furniture manufacturer and retailer; Indspec Chemical Corp., a specialty chemical company now owned by Occidental Petroleum; and Morton's Restaurant Group, owner of Morton's of Chicago steakhouses and other restaurants.

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websupport@netatwork.com (Super User) MAG Aerospace Industries, Inc. Thu, 07 Nov 1996 00:00:00 +0000