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Castle Harlan - Castle Harlan - Search results http://www.castleharlan.com Fri, 29 Mar 2024 11:07:18 +0000 Joomla! - Open Source Content Management en-gb Perkins, Marie Callender's Complete Combination http://www.castleharlan.com/news/item/178-perkins-marie-callenders-complete-combination http://www.castleharlan.com/news/item/178-perkins-marie-callenders-complete-combination

MEMPHIS, Tenn., May 3, 2006 - The Restaurant Company (TRC), operator and franchisor of a national chain of family restaurants under the Perkins Restaurant & Bakery name, and Marie Callender's, a chain of casual dining restaurants best known for freshly baked pies, announced today that their previously reported combination has been completed.

 

TRC also announced that Allen Bernstein, the former chief executive of Morton's Restaurant Group (NYSE: MRT), has been named chairman of TRC Holdings LLC, the parent of the new combined companies. All three companies are portfolio companies of Castle Harlan, Inc., the New York-based private equity investment firm.

 

The combination of TRC and Marie Callender's involved a stock-for-stock exchange, TRC said, with the total value of the transaction approximately $440 million. TRC repaid Marie Callender's debt with a new $100 million facility secured by substantially all of the assets of the combined businesses. It also increased its existing revolving credit line from $25 million to $40 million.

 

Joseph Trungale, president and chief executive officer of TRC, has been named president and CEO of the combined company, and Phillip Ratner, president and CEO of Marie Callender's, will continue to run that part of the business.

 

TRC is based in Memphis and has 480 company-owned and franchised restaurants in 33 states and five provinces of Canada. It was acquired by Castle Harlan last September.

 

Marie Callender's, based in Aliso Viejo, California, has 138 restaurants in 10 states, primarily in the West and Southwest. Castle Harlan purchased it in 1999.

 

This press release contains "forward-looking statements." These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology.

 

TRC has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Some of the key factors that could cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements include the following: - competitive pressures and trends in the restaurant industry; 

- prevailing prices and availability of food, supplies and labor; 

- relationships with franchisees and financial health of franchisees; 

- general economic conditions and demographic patterns; 

- development and expansion plans; 

- plans with respect to the possible acquisition of the Marie Callender's business and the financing   related thereto; and 

- statements covering business strategy.

 

Undue reliance should not be placed on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. TRC does not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

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websupport@netatwork.com (Super User) Perkins & Marie Callender's, Inc. Wed, 03 May 2006 00:00:00 +0000
Perkins Family Restaurants Reports Plan to Acquire Marie Callender's http://www.castleharlan.com/news/item/179-perkins-family-restaurants-reports-plan-to-acquire-marie-callenders http://www.castleharlan.com/news/item/179-perkins-family-restaurants-reports-plan-to-acquire-marie-callenders

MEMPHIS, Tenn., April 10, 2006 - The Restaurant Company (TRC), operator and franchisor of a national chain of restaurants under the Perkins Restaurant & Bakery name, announced today it is pursuing an acquisition of Marie Callender's Restaurant & Bakery, a chain of casual dining restaurants best known for freshly baked pies.

 

The terms of the transaction were still being negotiated, TRC said. Both companies are controlled by investment funds organized and managed by Castle Harlan, Inc., the New York-based private equity firm. The transaction is subject to board and regulatory approvals.

 

As currently contemplated, the transaction is expected to involve a stock-for-stock exchange, TRC said, and TRC plans to repay Marie Callender's debt with a new $100 million facility secured by substantially all of the assets of the combined businesses. In connection with the transaction, TRC also anticipates increasing its existing revolving credit line from $25 million to $40 million.

 

Joseph Trungale, president and chief executive officer of TRC, is expected to become president and CEO of the combined company, TRC said, and Phillip Ratner, president and CEO of Marie Callender's, is expected to continue to run that part of the business.

 

TRC (www.perkinsrestaurants.com) is based in Memphis and has 481 company-owned and franchised restaurants in 33 states and five provinces of Canada. It was acquired by Castle Harlan last September in a transaction valued at approximately $245 million.

 

Marie Callender's (www.mcpies.com) is based in Aliso Viejo, California, and has 138 restaurants in 10 states, primarily in the West and Southwest. Castle Harlan purchased it in 1999 for approximately $150 million.

 

This press release contains "forward-looking statements." These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," or "will," or the negative thereof or other variations thereon or comparable terminology.

 

TRC has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Some of the key factors that could cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements include the following: - competitive pressures and trends in the restaurant industry; 

- prevailing prices and availability of food, supplies and labor; 

- relationships with franchisees and financial health of franchisees; 

- general economic conditions and demographic patterns; 

- development and expansion plans; 

- plans with respect to the possible acquisition of the Marie Callender's business and the financing   related thereto; and 

- statements covering business strategy.

 

Undue reliance should not be placed on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. TRC does not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

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websupport@netatwork.com (Super User) Perkins & Marie Callender's, Inc. Mon, 10 Apr 2006 00:00:00 +0000
Castle Harlan Completes Purchase Of Perkins Family Restaurants http://www.castleharlan.com/news/item/180-castle-harlan-completes-purchase-of-perkins-family-restaurants http://www.castleharlan.com/news/item/180-castle-harlan-completes-purchase-of-perkins-family-restaurants

NEW YORK, September 22, 2005 - Castle Harlan, Inc., the New York-based private equity investment firm, announced today it had completed the acquisition of The Restaurant Company (TRC), the operator and franchisor of 483 family restaurants under the Perkins Restaurant & Bakery name. The transaction was valued at approximately $245 million.

 

The company was purchased by Castle Harlan Partners IV, L.P., a $1.2 billion investment fund organized and managed by Castle Harlan. The firm had announced that it had agreed to acquire the company September 2.

 

TRC has 152 company-operated restaurants and 331 franchised restaurants in 33 states and five Canadian provinces. The company also owns Foxtail Foods, which has three manufacturing plants that make pies, cookies and cookie dough, muffins and batter and other similar products for Perkins restaurants and third party food-service distributors.

 

TRC had total revenues over the past 12 months of approximately $348 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $37.3 million.

 

The sellers were Don Smith, who had bought an interest in the company in 1985 and who has now retired as TRC's chairman and chief executive officer, and BancBoston Ventures. Smith has been succeeded as chairman and CEO by Joseph Trungale, who had been president and chief operating officer of the company.

 

Smith continues to own a minority stake in the company.

 

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 nine managing directors, including its founders, has completed 45 acquisitions with a total value in excess of $7 billion since the firm's inception. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

 

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

 

Castle Harlan's portfolio 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 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) Perkins & Marie Callender's, Inc. Thu, 22 Sep 2005 00:00:00 +0000
Castle Harlan Agrees To Buy Perkins Family Restaurants http://www.castleharlan.com/news/item/181-castle-harlan-agrees-to-buy-perkins-family-restaurants http://www.castleharlan.com/news/item/181-castle-harlan-agrees-to-buy-perkins-family-restaurants

NEW YORK, September 6, 2005 - Castle Harlan, Inc., the New York-based private-equity investment firm, announced today it had agreed to acquire The Restaurant Company (TRC), operator and franchisor of 483 family restaurants under the Perkins Restaurant & Bakery name. The company operates in 33 states and five Canadian provinces. The transaction is valued at approximately $245 million.

 

TRC has 152 company-operated restaurants and 331 franchised units. It also owns Foxtail Foods, which has three food-manufacturing plants that supply the Perkins restaurants and third-party food-service distributors. Foxtail's products include pies, cookies and cookie dough, muffins and batter and pancake mixes and syrups.

 

David Pittaway, a Castle Harlan senior managing director who led the negotiating team, called Perkins "an outstanding concept."

 

"The company has a consistent history of offering high quality and moderately priced breakfast, lunch and dinner meals that appeal to a broad customer base," he said. "It has an effective, deep and resourceful management team, and its strong corporate infrastructure has produced impressive financial results."

 

William Pruellage, a Castle Harlan managing director, who will sit on the board of directors, said, "We believe there are significant opportunities for growth. We are confident Perkins will be an excellent investment for Castle Harlan and our limited partners."

 

Pruellage said the company's total revenues over the past 12 months were approximately $348 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $37.3 million.

 

Perkins was founded in 1958 in Cincinnati and grew rapidly in the Midwest. In 1979, it became a wholly owned subsidiary of Holiday Inns, Inc. Don Smith, a director of Holiday Inns, bought an ownership interest in Perkins in 1985 and became its chairman and chief executive officer. After a brief period as a publicly owned company, Perkins was recapitalized in 2000, and Smith and BancBoston Ventures became its two principal stockholders.

 

Earlier this year, TRC had announced that it was analyzing its strategic and financial alternatives and subsequently closed a sale leaseback transaction of its owned real estate valued at approximately $140 million.

 

Pittaway said that equity for the transaction would be provided by Castle Harlan Partners IV, L.P., a $1.2 billion investment fund raised in 2003. Smith, who is retiring, will continue to own a minority position in the company, and TRC's other senior managers are also expected to participate in the purchase. The transaction is expected to close in September.

 

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 nine managing directors, including its founders, has completed 44 acquisitions with a total value in excess of $7 billion since the firm's inception. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

 

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

 

Castle Harlan's portfolio 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 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) Perkins & Marie Callender's, Inc. Tue, 06 Sep 2005 00:00:00 +0000
Castle Harlan Announces Purchase Of West Coast Restaurant Chain http://www.castleharlan.com/news/item/182-castle-harlan-announces-purchase-of-west-coast-restaurant-chain http://www.castleharlan.com/news/item/182-castle-harlan-announces-purchase-of-west-coast-restaurant-chain

NEW YORK, November 15, 1999 - Castle Harlan, Inc., the New York merchant bank, announced today it had acquired Marie Callender's Restaurant & Bakery, a chain of family restaurants best known for its freshly baked pies, in a transaction valued at $150 million. (Tombstone said $153 million)

 

Marie Callender's, based in Orange, California, has 166 restaurants in 12 states, principally in the West and Southwest. The company began making pies 51 years ago and opened its first restaurant in 1964.

 

The company had revenues last year of almost $230 million and employs more than 10,000 people. The acquisition was made by Castle Harlan Partners III, a $630 million private equity investment fund. BankBoston underwrote senior debt financing of $80 million for the transaction.

 

David Pittaway, the senior managing director at Castle Harlan who negotiated the acquisition, said Marie Callender's was "poised for significant growth."

 

"This is a high quality restaurant concept," he said, "that is well-established and respected in the restaurant industry and is also highly regarded throughout the food industry in general.

 

"The company has built on its signature pies to create a remarkably successful operation with an experienced staff and loyal patrons who are frequent guests."

 

Leonard Dreyer, president and chief executive officer of Marie Callender's, will continue in that position, Pittaway said. He added that Dreyer and other members of senior management participated in the acquisition with Castle Harlan.

 

Marie Callender's joins two other restaurant companies in Castle Harlan's portfolio - Charlie Brown's, a group of 37 family restaurants in New Jersey and suburban New York, and Luther's Bar-B-Q, a chain of 19 barbecue restaurants based in Houston.

 

Castle Harlan is also the former owner of Morton's Restaurant Group, operator of Morton's of Chicago Steakhouses, and McCormick & Schmick's, a group of upscale seafood restaurants.

 

Castle Harlan Partners III is one of three such funds that Castle Harlan, founded in 1987, has organized and managed. The funds total more than $1 billion and include major corporate and public pension funds, college endowments, foundations and affluent individuals among their investors. The firm has completed acquisitions exceeding $4.5 billion.

 

Castle Harlan's portfolio companies have included Delaware Management Company, the Philadelphia-based money-management firm with more than $32 billion in assets under management; Truck Components, Inc., the largest manufacturer of components for large-truck braking systems; Smarte Carte, the world's largest airport luggage cart rental company, and MAG Aerospace, the worldwide leader in the manufacture of aircraft sanitation systems.

 

Currently among its portfolio companies are Universal Compression, Inc., a leading independent provider of natural gas compression equipment and services; Worldwide Flight Services, one of the world's leading providers of ground services to the aviation industry, which was acquired from AMR Corp. in March; and the Verdugt B. V. group of acid salts businesses, based in the Netherlands, which was acquired from BP Amoco in April.

 

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) Perkins & Marie Callender's, Inc. Mon, 15 Nov 1999 00:00:00 +0000