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Castle Harlan - Castle Harlan - Search results http://castleharlan.com Thu, 28 Mar 2024 13:59:15 +0000 Joomla! - Open Source Content Management en-gb Castle Harlan Promotes Heather L. Faust to Managing Director http://castleharlan.com/news/item/273-castle-harlan-promotes-heather-l-faust-to-managing-director http://castleharlan.com/news/item/273-castle-harlan-promotes-heather-l-faust-to-managing-director

Castle Harlan, Inc., the New York based global middle market private equity firm, today announced it has promoted Heather L. Faust to managing director.

The firm also announced that Heidi Petroff and Eric Schwartz have been appointed vice presidents.

“These promotions recognize the contributions these professionals make to Castle Harlan, as well as our firm’s strong commitment to recruit, develop and reward talent and to build a new generation to lead the firm into the future,” said John K. Castle, Chairman and Chief Executive Officer and Leonard M. Harlan, Chairman of the Executive Committee.

Faust, a vice president of the firm before her promotion, joined Castle Harlan in 2008. She currently serves as a director of Baker & Taylor, the world’s largest distributor of books and value-added services to libraries. She has been on the boards of IDQ Holdings and Ames True Temper.

“Heather is particularly effective in working with company management teams to identify and implement growth opportunities,” said Howard D. Morgan, Co-President of Castle Harlan. “Whether the business is book and media distribution, aftermarket automotive air-conditioning products or lawn and garden equipment, she has helped executives build their companies and Castle Harlan’s investment in them.”

“Faust also has an extensive network of contacts that enables her to find potential investment opportunities,” said William M. Pruellage, also Co-President of the firm. “We cast a wide net seeking investment opportunities across a broad array of sectors to find the handful of deals that we believe will make good investments. Heather is very effective at deal-sourcing both opportunities that are competitive and those that are offered to us on a proprietary basis.”

Prior to joining Castle Harlan, Faust was a management consultant at McKinsey & Co., where she advised and directly assisted clients in defining and implementing key strategic and operational business transformations. Beginning in late 2003, she was a temporary employee of the Department of Defense and worked in Baghdad helping Iraqi businesses get re-established.

“The work was intense and challenging,” she said. “But it was extremely rewarding to work with the Iraqi business people to rebuild and strengthen the country's private sector.” Faust graduated cum laude from Princeton University with a B.S.E in Operations Research and Financial Engineering, and she holds an M.B.A from the Harvard Business School.

Eric Schwartz recently returned to Castle Harlan in New York after two years of working in Sydney at the firm’s Australian affiliate, CHAMP Private Equity, as part of a longstanding series of staff exchanges between the two firms. Prior to his assignment in Australia, he had taken a leave from Castle Harlan to attend the Stanford Graduate School of Business, where he earned an M.B.A. with the distinction of Arjay Miller Scholar.

Before joining Castle Harlan in 2009, Schwartz was an investment banking professional at Citigroup. He graduated cum laude from Duke University with a B.S.E. in Biomedical and Electrical Engineering.

Heidi Petroff also was part of the staff-exchange program with CHAMP. She came to Castle Harlan in 2012 from Australia and now is a permanent employee of Castle Harlan. While at CHAMP, she was involved with mergers, acquisitions and realizations of many of the firm’s investments across a range of industries. She served on the boards of directors of many CHAMP portfolio companies including Alleasing Pty Ltd. and Accolade Wines Pty Ltd.

Petroff previously had been part of the private equity team at Macquarie Group, the large international investment bank based in Sydney. While there, she focused on the group’s healthcare holdings. Petroff holds two degrees from the University of Western Australia, a Bachelor of Commerce with a major in quantitative finance and a Bachelor of Laws.

About Castle Harlan

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 18 investment professionals has completed 53 acquisitions since its inception with a total transaction value in excess of $11 billion. Castle Harlan, along with its affiliates, has managed investment funds with equity commitments of over $6 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s. Castle Harlan’s current portfolio of companies includes Shelf Drilling Holdings Ltd., a leading provider of shallow-water drilling services in Asia, Africa, India and the Middle East; Pretium Packaging LLC, one of the country’s leading manufacturers of custom-designed specialty plastic containers for the food, pharmaceutical, personal-care and household markets; and Baker & Taylor, the world’s largest distributor of books and entertainment products to libraries and retailers.

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jkleinman@netatwork.com (jkleinman) Castle Harlan, Inc. Wed, 08 Jan 2014 20:40:34 +0000
Castle Harlan Names Dassani IR Director http://castleharlan.com/news/item/272-castle-harlan-names-dassani-ir-director http://castleharlan.com/news/item/272-castle-harlan-names-dassani-ir-director

Castle Harlan, Inc., the New York private equity investment firm, today announced it has appointed Hemali Dassani Director, Investor Relations. She also will oversee the firm’s marketing efforts.

“Dassani’s appointment reflects her track record of success in working with alternative investment firms, especially Private Equity funds, to raise capital globally,” said Howard D. Morgan, Co-President of Castle Harlan. “Her expertise and experience will be invaluable when we launch our next fund.” Before joining Castle Harlan, Dassani was a Managing Director with Old City Investment Partners, a multi-family office dedicated to finding high quality investments for the firm’s exclusive clientele of family office investors. Dassani holds an M.B.A. from Harvard Business School and a B.Sc. in Industrial Engineering from Northwestern University. She is President of the Harvard Business School Club of Greater New York, and sits on the Board of Governors for the Harvard Business School Real Estate Alumni Association and the Steering Committee for the Harvard Business School Alumni Angels Association.

About Castle Harlan

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 18 investment professionals has completed 53 acquisitions since its inception with a total transaction value in excess of $11 billion. Castle Harlan, along with its affiliates, has managed investment funds with equity commitments of over $6 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s. Castle Harlan’s current portfolio of companies includes Shelf Drilling Holdings Ltd., a leading provider of shallow-water drilling services in Asia, Africa, India and the Middle East; Pretium Packaging LLC, one of the country’s leading manufacturers of custom-designed specialty plastic containers for the food, pharmaceutical, personal-care and household markets; and Baker & Taylor, the world’s largest distributor of books and entertainment products to libraries and retailers.

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jkleinman@netatwork.com (jkleinman) Castle Harlan, Inc. Fri, 06 Dec 2013 00:00:00 +0000
Castle Harlan Promotes Tariq Osman to Managing Director http://castleharlan.com/news/item/252-castle-harlan-promotes-tariq-osman-to-managing-director http://castleharlan.com/news/item/252-castle-harlan-promotes-tariq-osman-to-managing-director

Castle Harlan, Inc., the New York private equity investment firm, announced today that it has promoted Tariq Osman to Managing Director.

Osman’s promotion reflects his multiple contributions to CHI over the last five years, as well as his prior five years of experience at CHI’s Australian affiliate, CHAMP. Recently, Osman has been particularly active in CHI’s investment activities in energy services and equipment businesses.

Osman has been with Castle Harlan since 2008 and previously was a Vice President. Before joining Castle Harlan, Osman spent five years with Castle Harlan’s Australian affiliate, CHAMP Private Equity, where he focused on private equity transactions across a wide range of industries. Previously, he worked at McKinsey & Co. in Sydney as a management consultant. In this role, he advised clients in the oil and gas, mining, construction and telecommunications sectors on strategy and operational improvements. Osman began his career in Australia as an engineer at Gutteridge, Haskins & Davey, working on oil and gas, mining and government infrastructure projects.

Osman holds an M.B.A. from the Wharton Graduate School of Business, a Masters of Engineering from the University of Adelaide and a Masters of Applied Finance from Macquarie University. He is a former director of International Energy Services and of the Blue Star Group. He currently is a director of Shelf Drilling and Caribbean Restaurants.

About Castle Harlan

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 19 investment professionals has completed 53 acquisitions since its inception with a total transaction value in excess of $11 billion. Castle Harlan, along with its affiliates, has managed investment funds with equity commitments of over $6 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan's current portfolio of companies includes Shelf Drilling Holdings Ltd., a leading provider of shallow-water drilling services in Asia, Africa, India and the Middle East; Pretium Packaging LLC, one of the country’s leading manufacturers of custom-designed specialty plastic containers for the food, pharmaceutical, personal-care and household markets; Baker & Taylor, the world’s largest distributor of books and entertainment products to libraries and retailers; and Securus Technologies, a leading provider of secure inmate telecommunications for the corrections industry.

For more information, visit www.castleharlan.com.

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jkleinman@netatwork.com (jkleinman) Castle Harlan, Inc. Sun, 06 Jan 2013 00:00:00 +0000
Castle Harlan Names Wender President; Harlan To Chair Executive Committee http://castleharlan.com/news/item/115-castle-harlan-names-wender-president-harlan-to-chair-executive-committee http://castleharlan.com/news/item/115-castle-harlan-names-wender-president-harlan-to-chair-executive-committee

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.

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Thu, 01 Jun 2006 00:00:00 +0000
Private Equity Firm Castle Harlan Buys Companies You've Never Heard Of http://castleharlan.com/news/item/116-private-equity-firm-castle-harlan-buys-companies-youve-never-heard-of http://castleharlan.com/news/item/116-private-equity-firm-castle-harlan-buys-companies-youve-never-heard-of

Private equity investing is one of the hottest games in town, and Castle Harlan is one of its most respected players. The firm, founded by John Castle and Leonard Harlan in 1987, has acquired 47 companies with a total value of $8 billion, and generated realized gross returns for investors of more than 30% a year.

 

Asked to describe the game plan, Leonard Harlan says, "We buy dull companies in mundane industries. " If that doesn't get your pulse racing, you can turn to the company's Web site, where the most recent management letter describes deals done in the late 1990s, because it was written several years ago and no one has bothered to write a new one.

 

Promotion is not a high priority at Castle Harlan. Instead, the team of 11 managing directors focuses on taking positions in mid-size companies and working with managements to improve returns. They would never consider doing a hostile deal, because, as Mr. Harlan says, "We want to be viewed as positive people doing positive things." Often the original managements are brought in as equity participants. Mr. Harlan considers his role as that of "senior coach."

 

They have launched four funds, investing the $2.2 billion raised in companies with average EBITDA (earnings before interest, taxes, depreciation, and amortization) of about $20 million, and normally paying no more than seven times that figure. The firm has kept leverage low, with equity supplying typically 25% to 30% of the purchase price.

 

This traditional approach has worked so well that management decided to take the show on the road in 2000, and formed a partnership with the largest private equity shop in Australia. In a recent deal in that country, Castle Harlan Australian Mezzanine Partners sold a satellite TV company for seven times what it had paid a little more than two years ago. By any standard, that's a home run.

 

Essential to the company's success, according to Mr. Harlan, is choosing companies that meet its well-established criteria. These include solid, leading market positions that are not about to be displaced by some technological innovation. "Mostly we buy companies you've never heard of," explains Mr. Harlan. "We don't buy companies that are broken." The companies preferably have strong operating cash flows and high quality assets. They also offer an essential ingredient: an exit strategy.

 

A typical deal was Castle Harlan's purchase of US Synthetic Corporation in February 1997. The company was at the time the world's foremost manufacturer of synthetic diamonds used in oil and gas drill bits. A major owner was approaching retirement, and, seeking liquidity, sold his interest to Castle Harlan for $57.6 million, less than four times earnings. Two years later, the strengthened operation was sold to a new owner for $165 million.

 

In March 2005, Castle Harlan sold Charlie Brown's steakhouse chain for $140 million. It acquired the family owned restaurant group in 1997 for about $50 million. During its ownership, the company's revenues more than doubled.

 

Leonard Harlan did not start out in the private equity business. After earning an engineering degree from Cornell, Mr. Harlan went to Harvard Business School, where he ultimately acquired a Ph.D. before moving on to the financial services powerhouse Donaldson, Lufkin & Jenrette to work in the real estate area. Within four years, he ascended to rank of vice president and shareholder, and considered himself ready to strike out on his own.

 

In 1969 he founded a private equity firm, which had a great first year. And then the bottom fell out of the stock market, and his company. In a mild panic induced by the impending arrival of a first child, he harked back to his academic successes and reoriented his company toward providing advisory work in the real estate arena. Landing a couple of fortuitous contracts early on, the company took off. According to Mr. Harlan, those years prepared him well to deal with the issues that can confront managements whose companies sail into troubled waters.

 

Years later, his original partners left the firm, and the resulting Harlan Company was sold to Ernst & Young. In the meantime, Mr. Harlan had joined up with an associate from his DLJ days, John Castle, who practiced the private equity trade in the 1960s and was one of the first to sell institutional investors on the virtues of alternative investments. He subsequently became chief executive officer of DLJ.

 

In 1987 the newly formed Castle Harlan launched its first fund, raising $125 million. Early successes were impressive. Mr. Harlan explains, "We really try to get into the company's culture. We meet with the companies' management every month, and talk to them every week. We put very knowledgeable people on the boards that can counsel management." An example can be found in Castle Harlan's experience with Worldwide Flight Services, the foremost provider of ground services at major airports, bought in 1999. Castle Harlan asked Major General James E. McInerney, a retired Air Force operations whiz, Brad Stanius, the head of Smarte Carte who knew every airport in the world, and Albert Casey, the former head of American Airlines, to serve on the board. Needless to say, these advisers were valuable additions.

 

Over time the company has acquired a reputation for fair and honest dealing, which helps them find attractive deals even in this competitive era. That is no small dividend, given the enormous amount of money flowing into private equity coffers and the subsequent scrambling for properties.

 

Castle Harlan has kept a lid on borrowings, though Mr. Harlan acknowledges there is plenty of money available. "Buyers will pay what lenders will lend" is how he describes one of the reasons deal prices have shot up. Experience has taught them that leverage can mean the difference between success and failure.

 

And there have been failures. In 1990 the firm bought Sharon Steel, a specialty steel producer owned by Victor Posner, out of bankruptcy. Within months of completing the deal, the price of steel plummeted, taking the future of Sharon Steel with it. Castle Harlan lost its original investment of some $20 million to $25 million.

 

What's next for Castle Harlan? Possibly venturing into another region, though it will be tough to duplicate their success in Australia. That market offered them access to the growing economies of Asia as well as the security of operating in a country with well-established rule of law and a highly educated workforce.

 

Mr. Harlan believes there will always be opportunities to make companies stronger and more profitable with better financial management or marketing, and by taking firms to the proverbial next level. Should there be a period where suitors drive values to extremes, the company will be happy to sit out a round or two, as they did in the late 1990s.

 

With such profound good sense at the wheel, is there any doubt that Castle Harlan, too, will reach the next level?

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Fri, 13 Jan 2006 00:00:00 +0000
Castle Harlan Names Appel To Post of Vice Chairman http://castleharlan.com/news/item/117-castle-harlan-names-appel-to-post-of-vice-chairman http://castleharlan.com/news/item/117-castle-harlan-names-appel-to-post-of-vice-chairman

NEW YORK, November 2, 2005 -- Castle Harlan, Inc., a leading New York-based private equity firm, announced today the appointment of Gary Appel, who has more than two decades of experience as a private equity investor, to the position of vice chairman of the firm.

 

The firm said Appel would expand the capabilities of Castle Harlan in identifying and developing new business opportunities and working with existing portfolio companies.

 

Appel spent 17 years with Donaldson, Lufkin & Jenrette, the Wall Street investment bank, where he was a founding partner and managing director of DLJ Merchant Banking, DLJ's private equity investing arm. While he was with DLJ Merchant Banking, Appel completed investments with a total value of more than $5 billion.

 

Appel was a member of the DLJ Merchant Banking Group's Board of Directors and its Investment Committee. He served on the boards of directors of several of its investments, including CNW Holdings, Essex International, Musicland Stores and Nimbus Manufacturing. He left DLJ in 1995.

 

Most recently, Appel had been vice chairman of Glencoe Capital, a Chicago-based private equity firm, from 2001 to 2005, and prior to that served as a senior managing director at Bear Stearns & Co. in New York.

 

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of 11 managing directors, including its founders, has completed 45 acquisitions since its inception with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

 

Castle Harlan's portfolios companies, which employ more than 31,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Horizon Lines, one of the largest U.S. container shipping companies; and Caribbean Restaurants Inc., which operates the exclusive Burger King franchise in Puerto Rico with 165 units.

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Wed, 02 Nov 2005 00:00:00 +0000
Castle Harlan Announces It Has Closed Its Fourth Fund With $1.163 Billion http://castleharlan.com/news/item/118-castle-harlan-announces-it-has-closed-its-fourth-fund-with-$1163-billion http://castleharlan.com/news/item/118-castle-harlan-announces-it-has-closed-its-fourth-fund-with-$1163-billion

NEW YORK, September 23, 2003 - Castle Harlan, Inc., the New York merchant bank, announced today it has completed raising its fourth private-equity investment fund, Castle Harlan Partners IV, with capital commitments of $1.163 billion.

 

The new fund is substantially larger than Castle Harlan Partners III, which closed in early 1997 with commitments of $632 million. That fund is fully committed.

 

Justin Wender, the Castle Harlan managing director who led the fund-raising effort, said he was "gratified that we have significantly broadened our base of limited partners, despite the difficult fund-raising environment."

 

"It is clear," he said, "that our limited partners recognized the superior performance of earlier Castle Harlan funds, the firm's continued success in building value in its portfolio companies and the discipline of our investment approach."

 

Among investors in the new fund are pensions funds of the states of Oregon, Michigan, North Carolina and Ohio, corporations such as AMR and BP, endowments such as the Massachusetts Institute of Technology and New York Presbyterian Hospital, and several major funds of funds, including HarbourVest Partners and Pantheon Ventures.

 

Castle Harlan has already made two acquisitions with the new fund. Last April, the firm joined with management to purchase Advanced Accessory Systems, LLC, the leading manufacturer of automotive roof racks and towing systems in North America and Europe. The transaction was valued at approximately $260 million.

 

More recently, Castle Harlan Partners IV invested in Austar United Communications Ltd., the sole provider of satellite pay television in non-urban eastern Australia. The overall transaction was valued at A$513 million.

 

Investments by Castle Harlan Partners III have included American Achievement Corp., producer of class rings under the Balfour and ArtCarved labels, college and high school yearbooks and other similar academic and scholastic materials, Ion Track, Inc., a leading manufacturer of devices that detect trace amounts of explosives and drugs, which was sold last year to a division of the General Electric Company, Morton's Restaurant Group of top-of-the-line steakhouses and Universal Compression, a leading provider a gas compression services, now a publicly owned company.

 

Castle Harlan's earlier funds included Castle Harlan Partners II, formed in 1993 with capital of $275 million, and Legend Capital Group, formed in 1987 with capital of $125 million. Since its inception, Castle Harlan has achieved a compound annual return on its realized transactions of 38.5 percent. Castle Harlan also has an Australian private-equity affiliate, CHAMP (Castle Harlan Australian Mezzanine Partners Pty. Ltd.), with US$308 million in committed funds.

 

Committed to the highest standards of excellence and integrity, Castle Harlan is a premier private merchant bank that invests in management-led middle market private equity buyouts. The firm's roots date back to the founding of the institutionalized private equity business in the late 1960's. Castle Harlan has 10 managing directors, including its founders, and a team of over 30 investment professionals. Since its inception, Castle Harlan has completed acquisitions exceeding $6 billion.

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Tue, 23 Sep 2003 00:00:00 +0000
Castle Harlan, Inc. Raises New $610 Million Investment Fund http://castleharlan.com/news/item/119-castle-harlan-inc-raises-new-$610-million-investment-fund http://castleharlan.com/news/item/119-castle-harlan-inc-raises-new-$610-million-investment-fund

NEW YORK, March 3, 1997 -- Castle Harlan, Inc., the New York merchant bank, announced today the closing of its third private equity investment partnership with commitments of $610 million.

 

The investors include public and private pension funds, private foundations, college endowments and affluent individuals, said Castle Harlan Managing Director Jeffrey Siegal, who spearheaded the fundraising.

 

"We see it as a real vote of confidence for Castle Harlan," he said, "that more than 85 percent of the investors in the new fund were participants in our earlier funds."

 

He said the commitments were obtained in an unusually short time. The fund was oversubscribed by more than $100 million after it was capped at $610 million.

 

Among the participants in the fund are the pension funds of the States of Oregon, Michigan and New Hampshire, corporations such as NYNEX, American Airlines and Amoco, and endowments such as the Massachusetts Institute of Technology and Brown University. All except Michigan had invested in previous Castle Harlan partnerships.

 

Castle Harlan was founded in 1987 by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and a pioneer in private equity limited partnership investing, and Leonard M. Harlan, founder and former chairman of The Harlan Company, a real estate investment and financial advisory firm.

 

Castle Harlan Partners II, the most recent prior fund which is now fully invested, was established in 1992 with capital of more than $275 million. Through December 31, 1996, it had earned a compound annual return of approximately 82 percent, placing the fund among the best performers in the corporate buyout industry.

 

Since its founding, Castle Harlan has acquired companies valued at more that $3 billion. Investments have included Delaware Management Company, a major international money-management firm with assets of more than $32 billion; Indspec Chemical Corp., a specialty chemical company; Smarte Carte, the airport baggage rental company; and MAG Aerospace Industries, Inc., the world's leading manufacturer of aircraft sanitation systems.

 

More recently, Castle Harlan Partners II acquired Statia Terminals Group, N.V., one of the world's largest independent marine terminal companies; Commemorative Brands, Inc., the second largest manufacturer of class rings in the United States; and U.S. Synthetic Corporation, the leading manufacturer of synthetic diamond drill bits for the oil and gas industry. It also signed a definitive agreement to sell McCormick & Schmick's, operator of 16 upscale seafood restaurants, primarily in the western United States, and assisted MAG Aerospace in the acquisition of the leading supplier of trash compactors for commercial aircraft.

 

Since its inception, Castle Harlan has worked intensively with the managements of its portfolio companies to promote their growth. Examples include Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses, which operate in major cities throughout the country, and Ethan Allen Interiors, one of the best known names in furniture.

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Mon, 03 Mar 1997 00:00:00 +0000
Castle Harlan Announces Closing Of $254 Million Investment Fund http://castleharlan.com/news/item/120-castle-harlan-announces-closing-of-$254-million-investment-fund http://castleharlan.com/news/item/120-castle-harlan-announces-closing-of-$254-million-investment-fund

NEW YORK, April 26 -- Castle Harlan Inc., the New York-based merchant bank, announced today the closing of its new investment fund, Castle Harlan Partners II, L.P., with commitments from limited partners of $254 million.

 

John Castle, chairman of Castle Harlan, said investors include a blue chip roster of corporate and public pension funds, university endowments, foundations and individuals.

 

The partnership will invest in companies whose earnings can be significantly enhanced by redirection of corporate strategy, redeployment of assets or restructuring, he said.

 

"We see abundant opportunities," said Castle, "to acquire fundamentally sound companies that are suffering from too much debt or are otherwise available to be acquired on an attractive basis."

 

Castle Harlan was founded in 1987 by Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, and Leonard Harlan, chairman of The Harlan Co., a diversified real estate advisory firm.

 

The firm's previous fund, Legend Capital Group, L.P., closed in November 1987 with commitments of $125 million. Its investments include Quantum Restaurants and Ethan Allen Inc., the furniture company, both of which subsequently had successful public offerings, as well as Delaware Management Holdings, the Philadelphia money manager with more than $25 billion in assets under management, and Long John Silver's Inc., the nation's largest quick-service seafood chain.

 

Harlan, who is president of Castle Harlan, noted that "Castle Harlan Partners II is the eighth such fund that John Castle or I have been involved with over the past 25 years. Those funds acquired or invested in some 125 companies during that period."

 

"With the current estimated value of Legend and the commitments for Castle Harlan Partners II," Harlan said, "the firm has more than $450 million in investment capital and controls properties with assets exceeding $26 billion."

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websupport@netatwork.com (Super User) Castle Harlan, Inc. Mon, 26 Apr 1993 00:00:00 +0000