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Castle Harlan - Castle Harlan - Search results http://www.castleharlan.com Thu, 28 Mar 2024 16:52:36 +0000 Joomla! - Open Source Content Management en-gb Castle Harlan Sells RathGibson To DLJ Merchant Banking http://www.castleharlan.com/news/item/189-castle-harlan-sells-rathgibson-to-dlj-merchant-banking http://www.castleharlan.com/news/item/189-castle-harlan-sells-rathgibson-to-dlj-merchant-banking

NEW YORK, June 18, 2007 - Castle Harlan, Inc., the New York-based private equity investment firm, announced today that it has completed the sale of RathGibson Inc., a leading manufacturer of highly engineered premium stainless steel and specialty alloy welded tubing products, to DLJ Merchant Banking Partners (DLJ), for $440 million.

 

Castle Harlan had purchased RathGibson, based in Janesville, Wisconsin, in February 2006. In August of last year, RathGibson acquired a complementary tubing manufacturer, Greenville Tube Company. The combined companies had total revenues of $311 million for the fiscal year ended January 31, 2007.

 

Castle Harlan and DLJ, also a New York private equity firm, had announced in April that they had signed a definitive agreement on the transaction.

 

William Pruellage, a managing director who led the Castle Harlan negotiating team, said RathGibson's revenues and earnings increased by approximately 50 percent during the period Castle Harlan owned the company.

 

"The company is strong and poised for significant growth in both its domestic and international markets," Pruellage said. "It has an outstanding management team, led by President and Chief Executive Officer Harley Kaplan, and we are confident it has a very promising future with DLJ."

 

RathGibson manufactures a variety of straight and coiled welded stainless steel and specialty alloy tubing products and has a leading share in a number of niche markets. Its primary end markets include the chemical and petrochemical, energy, food and beverage and pharmaceutical industries.

 

The company has manufacturing facilities in Janesville, Wisconsin, North Branch, New Jersey, and Clarksville, Arkansas.

 

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 48 acquisitions since its inception with a total value of $9 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

 

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 world's largest book wholesaler, and Perkins & Marie Callender's, Inc., which operates and franchises 615 family restaurants in the United States and Canada.

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websupport@netatwork.com (Super User) RathGibson Mon, 18 Jun 2007 00:00:00 +0000
Castle Harlan, DLJ Merchant Banking Reach Agreement on RathGibson http://www.castleharlan.com/news/item/190-castle-harlan-dlj-merchant-banking-reach-agreement-on-rathgibson http://www.castleharlan.com/news/item/190-castle-harlan-dlj-merchant-banking-reach-agreement-on-rathgibson

NEW YORK, April 30, 2007 - Castle Harlan, Inc., and DLJ Merchant Banking Partners (DLJ) announced today that they have signed a definitive agreement under which Castle Harlan will sell RathGibson, Inc., a leading manufacturer of highly engineered premium stainless steel and alloy welded tubing products, to DLJ in a transaction valued at $440 million.

 

Castle Harlan had purchased RathGibson, based in Janesville, Wisconsin, in February 2006, for approximately $260 million. In August last year, RathGibson acquired a complementary tubing manufacturer, Greenville Tube Company, for $37 million. The combined companies had total revenues of $311 million for the fiscal year ending January 31, 2007.

 

William Pruellage, a managing director who led the Castle Harlan negotiating team, noted that RathGibson's revenues have increased by approximately 50 percent during the time Castle Harlan has owned the company. During that same period, the total number of employees has grown from 335 to 550.

 

"RathGibson has been a very successful investment for Castle Harlan,"Pruellage said, "and the company is strong and poised for significant growth in both its domestic and international markets.

 

"The company has a superb management team and a highly talented employee base led by Harley Kaplan, president and chief executive. We believe it has a very promising future with DLJ Merchant Banking."

 

Pruellage said he expected the transaction to close by the end of the second quarter, 2007.

 

RathGibson makes a variety of straight and coiled welded stainless steel and specialty alloy tubing products and has a leading share in a number of niche markets. Its primary end markets include the chemical and petrochemical, energy, food and beverage and pharmaceutical industries.

 

RathGibson has manufacturing facilities in Janesville, Wisconsin, North Branch, New Jersey, and Clarksville, Arkansas.

 

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 48 acquisitions since its inception with a total value of $9 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

 

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 world's largest book wholesaler, and Perkins & Marie Callender's, Inc., which operates and franchises 615 family restaurants in the United States and Canada.

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websupport@netatwork.com (Super User) RathGibson Mon, 30 Apr 2007 00:00:00 +0000
Castle Harlan Acquires RathGibson, Manufacturer of Specialty Tubing http://www.castleharlan.com/news/item/191-castle-harlan-acquires-rathgibson-manufacturer-of-specialty-tubing http://www.castleharlan.com/news/item/191-castle-harlan-acquires-rathgibson-manufacturer-of-specialty-tubing

NEW YORK, February 7, 2006 - Castle Harlan, Inc., the New York-based private equity investment firm, announced today that it has purchased RathGibson, Inc., a leading manufacturer of highly engineered premium stainless steel and alloy welded tubing products, in a transaction valued at $260 million.

 

RathGibson, based in Janesville, Wisconsin, makes a variety of straight and coiled welded tubing products and has a leading share in a number of niche markets. These include the chemical and petrochemical industries, energy, food and beverage and the pharmaceutical industry.

 

RathGibson's products are fabricated according to customer specifications, and the tubing can be customized to specific lengths of up to 80,000 feet. The company's primary trade brands, Rath and Gibson Tube, are recognized as industry leaders.

 

RathGibson's revenues for the 12 months ended October 31, 2005, exceeded $200 million and its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $43 million.

 

William Pruellage, the managing director who led the negotiations for Castle Harlan, said the company has a solid management team, outstanding brand recognition and a strong and loyal customer base.

 

"The company has a leading share in very attractive markets, including energy and power, which have positive growth trends and are providing important benefits to the business," Pruellage said. "In addition, we believe the company has significant opportunities for growing sales internationally. RathGibson ships its products to approximately 30 countries around the world and recently opened a sales office in China to strengthen its relationships with customers throughout Asia."

 

Castle Harlan bought the company from Liberty Partners, a New York private equity firm that had acquired Rath Manufacturing in 1995, and in 1999, Rath acquired Gibson Tube of Somerville, New Jersey.

 

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 Perkins Restaurant & Bakery, which is the operator and franchisor of 483 family restaurants.

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websupport@netatwork.com (Super User) RathGibson Tue, 07 Feb 2006 00:00:00 +0000