Castle Harlan - Castle Harlan - Search results

Castle Harlan Signs Agreement To Sell American Achievement

websupport@netatwork.com (Super User) — Tue, 27 Jan 2004 00:00:00 +0000

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.

Castle Harlan Completes Purchase Of Leading Yearbook Publisher

websupport@netatwork.com (Super User) — Mon, 14 Feb 2000 00:00:00 +0000

NEW YORK, February 14, 2000 - Castle Harlan, Inc., the New York merchant bank, said today it had completed the acquisition of Taylor Publishing Company, one of the nation's leading publishers of high school and college yearbooks, from Insilco Holding Co. The transaction price was $93.48 million, to be adjusted for working capital.

Taylor Publishing is based in Dallas, Texas, and has been in business for more than 60 years. Yearbooks comprise 91 percent of its business. Last year the company sold several million yearbooks for more than 5,000 schools and is generally recognized as the industry's technological leader.

The company also has a specialty publishing operation and offers reunion services.

David Pittaway, senior managing director at Castle Harlan, said Taylor Publishing's current management team, led by the president, Craig Van Pelt, would continue in their present positions.

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

Since its founding in 1987, Castle Harlan 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 leader in worldwide 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.

Castle Harlan Fund Acquires Leading Yearbook Publisher

websupport@netatwork.com (Super User) — Mon, 20 Dec 1999 00:00:00 +0000

NEW YORK, December 20, 1999 - Castle Harlan, Inc., the New York merchant bank, announced today it had reached a definitive agreement with Insilco Holding Co. to acquire Insilco's subsidiary, Taylor Publishing Company, one of the nation's leading publishers of high school and college yearbooks. The transaction price was set at $93.48 million, subject to adjustment for working capital.

Taylor Publishing, based in Dallas, had revenues in 1998 of $100 million, with yearbooks representing 91 percent of its business. The company also has a specialty publishing operation and offers reunion services.

David Pittaway, senior managing director of Castle Harlan, said Taylor sold several million yearbooks in 1999 for more than 5,000 schools. The company is generally regarded as the technological leader in the industry.

Taylor Publishing, a 60-year-old company, has strong brand recognition and loyalty and a solid reputation for high-quality products. In addition, the company believes that significant growth can be obtained in the markets it now serves and in new, untapped markets.

"We see enormous opportunities for selling additional products through the school distribution channels now being served by Taylor," Pittaway said. He noted that already among Castle Harlan's portfolio companies was Commemorative Brands, Inc., the leading manufacturer and distributor of class rings for high school and college students.

Taylor's specialty publishing activities involve trade books with an emphasis on sports, gardening, health and other specialized topics. Among the company's recent best sellers were Scottie Pippin's Reach Higher and John Elway's Comeback Kid. It publishes about 35 original titles each year.

The reunion services operation provides complete event planning for high school alumni. The business was launched in 1990, and the company believes it can be greatly expanded.

Taylor Publishing's current management team, headed by Craig Van Pelt, president, will remain with the company. Van Pelt has 23 years of experience in the yearbook industry.

The acquisition will be made by Castle Harlan Partners III, L.P., a $630 million private equity investment fund organized and managed by Castle Harlan.