NEW YORK, March 12 /PRNewswire/ -- Castle Harlan, Inc., the New York
private equity investment firm, announced today that its Australian affiliate
CHAMP Private Equity has purchased Golding Contractors Pty Ltd, a company
active in the mining industry and in public infrastructure projects. The
price was not disclosed.
The company, founded in 1942 by Cyril Golding, is based in Gladstone,
Queensland, in northeast Australia. Total revenues in 2007 were more than
A$350 million, and earnings before interest, taxes, depreciation and
amortization (EBITDA) amounted to approximately A$50 million.
"The Golding family is pleased that an organization like CHAMP has
purchased the company," Golding said. "I believe that Golding together with
CHAMP will continue to grow and maintain its enviable position in Queensland."
Cameron Buchanan, the CHAMP managing director who led the acquisition
team, said Golding was "an iconic Queensland company with an exemplary
industry reputation, a long-term, blue-chip client base and an outstanding
sustained growth performance."
He also noted that despite the difficult credit market, the transaction
shows that, "for the right deals with the right private-equity sponsor, bank
funding is very much available."
Existing management, headed by Chief Executive Officer Trevor Davies, will
continue to hold a significant ownership stake in the company. Davies said
the company welcomed the financial and strategic support that CHAMP will
provide.
He noted that the mining sector in Queensland is booming and the company
has a heavy backlog of public infrastructure projects on its schedule.
"Golding is well positioned for future growth," Davies said.
CHAMP Private Equity was formed in 2000 as Castle Harlan Australian
Mezzanine Partners by the founders of CHAMP Private Equity's predecessor and
Castle Harlan. CHAMP Private Equity and its predecessor have made more than
60 investments since 1987 in companies operating in Australia and New Zealand.
The combined worldwide funds under the management of CHAMP Private Equity
and Castle Harlan exceed A$5 billion. CHAMP Private Equity and its
predecessor funds have recorded an annual return on funds invested of
approximately 30 percent since 1987. CHAMP Funds have acquired and
successfully exited from investments in a variety of sectors, including Austar
United Communications, the satellite TV broadcaster for most of Australia,
Bradken Limited, Australia's largest foundry for large metal castings, and
Penrice Limited, the only producer of soda ash in Australia.
Current CHAMP portfolio companies include: International Energy Services,
Manassen Foods, Healthcare Australia, Study Group International, United Malt
Holdings and Blue Star Print Group Limited.
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, in Australasia. It 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.
SOURCE Castle Harlan, Inc.
Charles Storer for Castle Harlan, Inc., +1-212-836-4209
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