NEW YORK, August 20, 2007 - Castle Harlan, Inc., the New York private equity investment firm, announced today it has completed the sale of its interest in Polypipe Group, a leading supplier of plastic pipe systems in the United Kingdom and Ireland, to company management and the Bank of Scotland. The total enterprise value of the transaction was $880 million. In just under two years, Castle Harlan said, it realized a total return of almost 4.5 times its original equity investment, generating an annual IRR of more than 150 percent.

Castle Harlan, in partnership with almost 50 members of the Polypipe management team, bought the company, based in Doncaster, South Yorkshire, U.K., in September 2005. Polypipe has approximately 2,800 employees, mostly in the U.K., and also serves niche segments of the plastic pipe and fittings markets in Germany and France. Last month, Polypipe acquired Terrain, a leader in the commercial piping systems market in the U.K. for approximately $85 million.

The management team of almost 50 executives, who continue their ownership in Polypipe, is headed by David G. Hall, the chief executive officer. He took over that position when Castle Harlan acquired Polypipe and has many years of experience in the plastic pipe business. At closing, the management team rolled all of its gains into the new transaction and now owns a majority of the equity in the company.

Howard D. Morgan, a senior managing director at Castle Harlan and a Polypipe board member, said Castle Harlan "worked with management to bring significant focus and simplification to Polypipe's product and market organization."

"We invested heavily in capital equipment, new products and acquisitions, changing momentum and increasing earnings before interest, taxes, depreciation and amortization (EBITDA) significantly, while generating cash," Morgan said. "Polypipe now is the leading brand in each of the residential, civil and commercial sectors in the U.K., and has a strong position in the markets for plastic piping and sanitary systems throughout Europe."

Commenting on the sale process, Thomas Hickey, Castle Harlan managing director who was involved in the transaction, said the firm "certainly didn't expect to exit our investment in Polypipe this quickly and had focused on building Polypipe for the long term."

"However, we offered the Polypipe management team a chance to pursue this transaction, which they did successfully," Hickey said. "Castle Harlan is very glad that the transaction gives the management team a majority interest in the business and an even longer-term investment horizon, with the new integrated financial backing of the Bank of Scotland. It's a great deal all around."

Castle Harlan and Polypipe Group also announced that, as a lasting tribute to the success of the relationship and to the employees, each is contributing equally $200,000 to endow a $400,000 charitable scholarship fund for the education of Polypipe personnel and their families.

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. Its team of 19 investment professionals in New York has completed 48 acquisitions since its inception with a total value in excess of $9 billion.

Castle Harlan's current portfolio companies, which employ more than 42,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers, and Perkins & Marie Callender's, Inc., which operates and franchises 618 family restaurants in the U.S. and Canada.

NEW YORK, July 11, 2007 - Castle Harlan, Inc., a leading New York-based private equity investment firm, announced today that its Polypipe Group portfolio company, headquartered in the U.K., has agreed to acquire the Terrain above-ground drainage business of Geberit AG of Switzerland. The transaction is valued at �42.5 million, or approximately $85 million.

"This acquisition will give Polypipe the leading brand position in each of the residential, civil and commercial sectors in the U.K., and strong market positions in the plastic piping and sanitary systems markets throughout Europe," said Howard D. Morgan, a senior managing director at Castle Harlan and head of the firm's Polypipe team.

Terrain's drainage product portfolio includes a complete range of PVC rainwater, underground, soil and waste systems, which have been well received in the commercial marketplace. Annual sales of the Terrain business, which has 170 employees, are �25 million, or approximately $50 million. With the completion of the transaction, Polypipe's commercial business will be rebranded as Polypipe Terrain.

"With the acquisition of the Terrain brand, Polypipe can significantly expand its presence in the commercial piping systems market and further penetrate the professional contractor and engineer base," said David Hall, CEO of Polypipe. "With our strong and well-balanced market position, we are well positioned to embrace and focus on all of the growth opportunities available to us."

Comprising 24 principal brands across 14 companies and 2,700 employees in Europe and China, Polypipe was founded in 1980 and has grown into a global organization with annual sales in excess of �330 million, or approximately $660 million. The company produces more than 20,000 products for water, air, energy and telecom applications and its output totals more than 350 million meters of pipe per year.

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, Australasia. Its team of 19 investment professionals in New York has completed 48 acquisitions since its inception with a total value in excess of $9 billion.

In addition to Polypipe, Castle Harlan's current portfolio companies, which employ more than 42,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers, and Perkins & Marie Callender's, Inc., which operates and franchises 618 family restaurants in the U.S. and Canada.

NEW YORK, December 12, 2005 - Castle Harlan, Inc., a leading New York private equity investment firm, has won the award for the 2005 International/Cross Border Deal of the Year for its acquisition of Polypipe Group, a major supplier of plastic pipe systems in the United Kingdom, Ireland and parts of Europe, the firm reported today.

The honor was presented by Mergers & Acquisitions Advisor, an industry newsletter, at a black-tie dinner in New York. Howard Morgan, a senior managing director who led Castle Harlan's acquisition team, accepted the award for the firm.

"We had a fabulous team from our shop," Morgan commented, "very supportive lenders and other advisors that persevered to meet a tight timetable set by the seller during August in Europe, when many professionals are distracted with summer holidays. I think we were particularly creative with the seller, in aligning what we were prepared to do with their price expectations, debt financing and the business realities of Polypipe."

Morgan added, "We think Polypipe is a good business, and look forward to partnering with the management team, 38 of whom have invested with us, to make it a great business. Hopefully, this award is a positive predictor of our ultimate investment returns."

Barry Kaplan, managing editor of The M&A Advisor, who oversaw the panel of judges and tallied the result, said: "In my personal view, the Polypipe deal, on the basis of the description provided by Brown Gibbons Lang, the investment bank that nominated the deal, was a fascinatingly complex transaction, with admirable persistence on the buy side and great acumen (if not just plain 'smarts')."

Castle Harlan won the same award two years ago for its role in the acquisition of Austar United Communications, Inc., the leading provider of satellite pay television in most of non-urban Australia. That transaction had also won the 2003 award for Media and Telecommunications Deal of the Year. Castle Harlan had joined with its Australian affiliate, CHAMP Private Equity, to purchase Austar in 2003.

Castle Harlan purchased Polypipe in early September for £293 million (approximately $527 million) from IMI plc, an international engineering firm based in London. Polypipe's headquarters is in Doncaster, South Yorkshire, England.

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 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 Caribbean Restaurants Inc., which operates the exclusive Burger King franchise in Puerto Rico with 173 units.

NEW YORK, September 5, 2005 - Castle Harlan, Inc., a leading New York-based private equity investment firm, announced today its investment fund, Castle Harlan Partners IV L.P. (CHPIV), has acquired the Polypipe Group, a leading supplier of plastic pipe systems in the United Kingdom and Ireland. The transaction was valued at £293 million (approximately $527 million).

The company is based in Doncaster, South Yorkshire, U.K, and has approximately 2,900 employees in 39 main facilities, most of them in the U.K. The company also serves niche segments of the plastic pipe and fittings markets in Germany and France.

Polypipe was a subsidiary of IMI plc, an international engineering company traded on the London Stock Exchange that is focused on fluid controls and retail dispense markets around the world.

For the 12 months ended last June 30, Polypipe's unaudited results were revenues of £314.6 million ($566.3 million) and EBITDA (earnings before interest, taxes, depreciation and amortization) of £45.6 million ($82.1 million). Sales in the U.K. account for more than 70 percent of revenues.

"Polypipe has a strong business, with a reliable record of revenues, profits and cash generation," said Howard D. Morgan, a senior managing director at Castle Harlan, who led the firm's Polypipe project team. "The company enjoys a reputation for high quality, strong brand recognition and brand loyalty. It has a powerful and sustainable position with independent suppliers, as well as good relations with many of the major merchants and builders. Polypipe has an effective management team, with many years of experience in plastic pipe systems and building products.

"There are significant opportunities for growth at Polypipe through greater focus on core businesses, more coordination between business units and new products, including products from China and other low cost sources. There is also growth opportunity in Polypipe's European markets and measured entry into new markets, as well as possible complementary acquisitions."

Morgan said that David G. Hall had rejoined Polypipe as its new chief executive officer at closing. Mr. Hall has decades of experience working in the plastic pipes business and working with private equity owned businesses. No other management changes are currently planned at Polypipe. Mr. Hall and other members of the management team intend to invest alongside CHPIV and have personal equity interests in the company.

John E. Morningstar, a Castle Harlan vice president who was also closely involved in the deal, added: "Despite softer current trading markets in the U.K. and higher raw material and energy costs, Polypipe has been resilient and remains well positioned. Castle Harlan is confident that Polypipe will continue its excellent growth, as it benefits from the long-term trend of substituting plastic pipe systems for aging copper, clay and concrete pipes in a wide range of residential, commercial and civil-engineering applications, including storm-water management and large-diameter sewage systems."

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 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 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 Caribbean Restaurants Inc., which operates the exclusive Burger King franchise in Puerto Rico with 165 units.

Castle Harlan received acquisition advice on the Polypipe transaction from Brown Gibbons Lang of Chicago and Cleveland and Livingstone Guarantee of London. Deutsche Bank lead the acquisition financing and provided M & A structuring advice for the transaction, and GE Capital provided a ?35 million working capital facility.