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Castle Harlan - Castle Harlan - Search results http://castleharlan.com Fri, 29 Mar 2024 11:09:33 +0000 Joomla! - Open Source Content Management en-gb Castle Harlan Signs Agreement To Sell American Achievement http://castleharlan.com/news/item/149-castle-harlan-signs-agreement-to-sell-american-achievement http://castleharlan.com/news/item/149-castle-harlan-signs-agreement-to-sell-american-achievement

NEW YORK, January 27, 2004 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had signed a definitive agreement to sell its portfolio company, American Achievement Corporation, a leader in the manufacture and sale of high school and college class rings and yearbooks, to a new company organized and managed by Fenway Partners, also a New York private equity firm. Terms of the transaction were not disclosed.

 

American Achievement, based in Austin, Texas, had revenues of more than $300 million for the 12 months ended November 30, 2003. The company had announced in October that it was evaluating strategic alternatives to enhance shareholder value.

 

Castle Harlan formed the company that became American Achievement in December 1996 when it acquired two class rings businesses -- the ArtCarved division of CJC Holdings of Austin and the L.G. Balfour subsidiary of Town & Country Corp. of Boston.

 

In February 2000, Castle Harlan acquired Taylor Publishing Company, one of the nation's leading publishers of high school and college yearbooks, and folded the company into American Achievement.

 

Two subsequent acquisitions were added to American Achievement - Educational Communications, Inc. of Lake Forest, Illinois, the leading publisher of directories that recognize academic achievement, in March 2001, and Milestone Traditions, Philadelphia, a specialty marketer of class rings and graduation products to the college market, in July 2002.

 

David Pittaway, the senior managing director at Castle Harlan who negotiated the transaction, said that American Achievement had been "a highly successful investment for our firm."

 

"Under the leadership of its president, David Fiore, the company has grown significantly, and expanded its markets and product lines," Pittaway said. " We believe it is effectively positioned to continue that growth."

 

Castle Harlan and the company were assisted in the transaction by Deutsche Bank and Lane, Barry & Co. International.

 

Founded in 1987, Castle Harlan invests primarily in private-equity buyouts of middle-market companies in North America and Europe. Castle Harlan's team of 10 managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm's roots date back to the start of the institutionalized private-equity business in the late 1960's.

 

Castle Harlan also invests in Australia, New Zealand and the broader Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

 

Among the companies in Castle Harlan's portfolio are Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses; and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

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websupport@netatwork.com (Super User) Commemorative Brands Tue, 27 Jan 2004 00:00:00 +0000
Castle Harlan Portfolio Company Completes Major Acquisition http://castleharlan.com/news/item/150-castle-harlan-portfolio-company-completes-major-acquisition http://castleharlan.com/news/item/150-castle-harlan-portfolio-company-completes-major-acquisition

NEW YORK, April 3, 2001 - Castle Harlan, Inc., the New York-based merchant bank, announced today that Commemorative Brands Holding Corp., one of the nation's leaders in class rings and yearbooks, has acquired Educational Communications, Inc., the leading publisher of directories that recognize academic achievement. Terms of the transaction were not disclosed.

 

Educational Communications, located in Lake Forest, Illinois, publishes Who's Who Among American High School Students, The National Dean's List and Who's Who Among America's Teachers. The company also conducts "The Annual Survey of High Achievers," an authoritative and frequently cited source for journalists and others seeking information about outstanding teenagers.

 

In addition, for many years it has provided funding for 250 annual $1,000 scholarships to outstanding students, and it makes grants to enable guidance counselors to attend professional workshops."

 

ECI was founded in 1966 by Paul Krouse and his wife, Ann, who will remain with the company. Paul Krouse will continue as president and Ann Krouse as executive vice president.

 

Commemorative Brands, based in Austin, Texas, manufactures and sells class rings under the Balfour and ArtCarved brands, as well as championship rings, consumer sports and family jewelry and diplomas and graduation announcements. The company was acquired in December 1996 by a private equity investment fund organized and managed by Castle Harlan.

 

Commemorative Brands also is a leading publisher of high school and college yearbooks under the Taylor Publishing name. A Castle Harlan investment fund acquired Taylor Publishing early last year, and it was merged into Commemorative Brands in July.

 

David Fiore, president and chief executive officer of Commemorative Brands, said the acquisition of Educational Communications "brings an important new dimension to the products we are able to offer the academic community."

 

"The quality of ECI's publications, the excellence of its operations and the company's high level of integrity," Fiore said, "are a perfect reflection of the attributes Commemorative Brands has brought to the scholastic market for many, many years."

 

"We also know that we will find valuable synergies in the operations of the two companies as the combination goes forward."

Krouse said he and his wife believe they have found the "good home" they have been seeking for the company they have been nurturing for 35 years.

"The culture and the chemistry of the two companies are an outstanding match," he said. "We are confident that our managers and our employees will feel welcome and comfortable in this new relationship and enthusiastic about the opportunities that our tie with Commemorative Brands will bring."

Equity financing for the transaction was provided by Castle Harlan Partners III, L.P., a $630 million private equity investment fund organized and managed by Castle Harlan.

David Pittaway, a Castle Harlan managing director, said the firm saw significant growth opportunities ahead for ECI. He noted that each of its publications is the leader in its market.

In addition, he said, "the company has the most comprehensive access to extensive and relevant information about today's high school and college students and teachers. This will be of substantial value to our other scholastic commemorative products."

Additional information on ECI is available at the company's Web Site, www.honoring.com.

Since its founding in 1987, Castle Harlan has completed acquisitions exceeding $4.5 billion. Its portfolio companies include Marie Callender's Restaurant and Bakery, a chain of family restaurants best known for its freshly baked pies, and Worldwide Flight Services, the leading global provider of ground services to the aviation industry.

Castle Harlan funds also own Gravograph Industrie International, the world's leading maker and seller of machines, accessories and materials used in the engraving industry, and Universal Compression, a leader in the natural gas compression business.

Castle Harlan was founded by John K. Castle, an early pioneer of institutionalized private equity investing and the former president and chief executive officer of Donaldson, Lufkin & Jenrette, Inc., and by Leonard M. Harlan, founder and former chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm.

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websupport@netatwork.com (Super User) Commemorative Brands Tue, 03 Apr 2001 00:00:00 +0000
Commemorative Brands Names New President, Chief Executive http://castleharlan.com/news/item/151-commemorative-brands-names-new-president-chief-executive http://castleharlan.com/news/item/151-commemorative-brands-names-new-president-chief-executive

AUSTIN, Texas, August 11 - Commemorative Brands, Inc., one of the nation's largest manufacturers and sellers of class rings for high school and college students, announced today the appointment of David G. Fiore as president and chief executive officer, effective immediately.

 

Since 1992, Fiore, 52, has been president and CEO of Reliant Building Products, Inc., of Dallas, the largest U.S. manufacturer of vinyl and aluminum windows, doors and related products. Reliant had sales last year of $330 million. Among Reliant customers are such major retail outlets as Walmart and K-Mart.

 

Fiore succeeds Robert Amter, who has been serving as interim president and CEO at Commemorative Brands since February.

 

In a statement, Commemorative Brands' board of directors said, "Mr. Fiore has been successful at increasing sales volume and profitability throughout his distinguished career, and we look forward to continued improvements at Commemorative Brands under his guidance.

 

"In David Fiore, we have an experienced leader to take the company into the new school season and the new millennium."

 

Commemorative Brands, based in Austin, is known for its ArtCarved and Bal-four class rings. It also makes fine paper products for the scholastic market, such as diplomas, graduation announcements, certificates and stationery, as well as championship rings, consumer sports jewelry and family jewelry for special occasions. Expected sales this year are approximately $155 million.

 

The company was formed in December 1996 by the combination of the Art-Carved Division of CJC Holdings, Inc., of Austin and the L.G. Balfour subsidiary of Town & Country Corporation of Boston. It has 1,200 employees and manufacturing facilities in Austin and in Attleboro, Massachusetts.

 

During his seven years with Reliant, Fiore was able to increase sales threefold and improved profitability by 250 percent, apart from the acquisition and integration of four companies. He also expanded its marketing activities from regional to national coverage.

 

Prior to joining Reliant, Fiore was president and CEO of CalTex Industries, Inc., a $130 million San Diego holding company comprising three regional window manufacturing enterprises.

 

Other companies in which Fiore held a variety of management positions included General Aluminum Corp., Atlas Powder Company and The Gunlocke Company.

 

Fiore, a native of Rochester, New York, holds a bachelor's degree from the State University of New York at Buffalo and an MBA from Syracuse University.

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websupport@netatwork.com (Super User) Commemorative Brands Wed, 11 Aug 1999 00:00:00 +0000
Castle Harlan Partnership Completes Acquisition Of Balfour and ArtCarved Class Ring Businesses http://castleharlan.com/news/item/152-castle-harlan-partnership-completes-acquisition-of-balfour-and-artcarved-class-ring-businesses http://castleharlan.com/news/item/152-castle-harlan-partnership-completes-acquisition-of-balfour-and-artcarved-class-ring-businesses

NEW YORK, December 17 -- Castle Harlan, Inc., the New York merchant bank, announced today that an investment partnership it manages had completed the purchase of two businesses that make and market school rings for college and high school students under the brand names Balfour and ArtCarved. The price was $130.6 million, including fees and expenses, plus $40.6 million for working capital.

 

The partnership, Castle Harlan Partners II, L.P., acquired the ArtCarved division of CJC Holdings, Inc., of Austin, Texas, and the L. G. Balfour subsidiary of Town & Country Corporation, Boston, Castle Harlan said. The two businesses are being combined in a newly formed company, Commemorative Brands, Inc., which will have its headquarters in Austin.

 

As a result of the combination of the two companies, Commemorative Brands becomes one of the largest manufacturers and sellers of class rings in the country. David Pittaway, managing director of Castle Harlan, noted that the company will be positioned in the two principal distribution channels used by the industry -- sales through in-school distributors and through jewelry stores and other retailers.

 

In addition to class rings, the company makes fine paper products for the scholastic market, such as diplomas, graduation announcements, certificates and stationery, as well as championship rings, consumer sports jewelry and family jewelry for special occasions.

 

George E. Agle, who has been president and chief executive officer of Balfour, will become chairman of Commemorative Brands. Jeffrey H. Brennan, president and chief executive officer of CJC, will have the same titles with Commemorative. Six other officers of Balfour and CJC will become executives of the new company.

 

Balfour had previously announced that its facilities in Attleboro and North Attleboro, Massachusetts, which had been operating at only about 50 percent of capacity, would be closed, and those operations would be consolidated with the existing ArtCarved operations in Austin, Texas. Employees at the Massachusetts plants will be offered jobs in Austin, Pittaway said.

 

On a pro forma basis, for the fiscal year ended August 31, 1996, Commemorative had sales of $142 million and earnings before taxes of approximately $22 million.

 

Castle Harlan Partners II, L.P., is a private equity investment partnership managed by Castle Harlan with capital of $275 million from major corporate and public pension funds, college endowments, foundations and individual investors. Since Castle Harlan's founding in 1987, it has completed acquisitions exceeding $2.5 billion.

 

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; Smarte Carte, the airport luggage-cart rental company, and Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses.

 

Castle Harlan was founded by John K. Castle, a pioneer in institutionalizing 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 owner and chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm.

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websupport@netatwork.com (Super User) Commemorative Brands Tue, 17 Dec 1996 00:00:00 +0000
Castle Harlan Investment Group Agrees to Acquire Balfour and ArtCarved Class Ring Businesses http://castleharlan.com/news/item/153-castle-harlan-investment-group-agrees-to-acquire-balfour-and-artcarved-class-ring-businesses http://castleharlan.com/news/item/153-castle-harlan-investment-group-agrees-to-acquire-balfour-and-artcarved-class-ring-businesses

NEW YORK, May 23 -- Castle Harlan, Inc., the New York merchant bank, announced today that its investment partnership, Castle Harlan Partners II, L.P., through a newly-formed company, Class Rings, Inc., has signed agreements to acquire and combine businesses that sell scholastic products, including high school and college class rings designed by Balfour and ArtCarved. The combined transaction is valued at approximately $180 million.

 

The assets being purchased include the class ring division of CJC Holdings, Inc., of Austin, Texas, and the operations of the Balfour and Gold Lance subsidiaries of Boston-based Town & Country Corporation. Combined annual revenues of these businesses in 1995 was approximately $155 million. Town & Country will continue to have a minority equity interest in the new company.

 

"The combination of these businesses will enable us to achieve significant cost savings that will create a more competitive company with significant growth potential, and provide a more secure financial structure for management and employees," said David Pittaway, a managing director at Castle Harlan. "With increasing numbers of high school graduates projected in the near future, we have an opportunity for sales growth. Class Rings, Inc., will serve this market with the Balfour organization selling into schools and the other organizations through retail outlets. We believe these companies offer an excellent opportunity for our investors."

 

The acquisitions are contingent on finalizing financial arrangements and securing regulatory approval.

 

Castle Harlan Partners II, L.P., is a private equity investment partnership managed by Castle Harlan with capital of $275 million from major corporate and public pension funds, college endowments, foundations and individual investors. Since Castle Harlan's founding in 1987, it has completed acquisitions exceeding $2.5 billion.

 

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; Smarte Carte, the airport luggage-cart rental company, and Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses.

 

Castle Harlan, Inc., was founded by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm recently acquired by Ernst & Young, the accounting firm.

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websupport@netatwork.com (Super User) Commemorative Brands Thu, 23 May 1996 00:00:00 +0000