Castle Harlan Completes Sale of Tensar Corporation
Castle Harlan has completed the sale of Tensar Corporation to Commercial Metals Company (NYSE: CMC) for $550 million, subject to adjustments. Tensar, a leader in geogrid products and foundation improvement technologies, was under Castle Harlan's management for seven years, during which it expanded globally and introduced innovative products. This transaction highlights Castle Harlan's successful investment strategy in middle-market companies, contributing positively to the ongoing growth and infrastructure needs worldwide.
- Successful sale of Tensar for $550 million, indicating strong market position.
- Tensar expanded globally and innovated product offerings under Castle Harlan's ownership.
- None.
NEW YORK, April 25, 2022 /PRNewswire/ -- Castle Harlan, Inc. ("Castle Harlan"), the New York-based private equity firm, today announced that it has successfully completed its sale of Tensar Corporation, a portfolio company of funds managed by Castle Harlan, to Commercial Metals Company (NYSE: CMC) ("CMC"), headquartered in Irving, Texas, for a cash purchase price of
Tensar was a portfolio company of funds managed by Castle Harlan for seven years. Under Castle Harlan's ownership, Tensar grew worldwide, entered new geographies and introduced new products and technologies that can support its ongoing growth. Tensar became a leading global designer and manufacturer of geogrids products and foundation improvement technologies for infrastructure, transportation and construction markets with a positive impact on addressing the world's infrastructure needs.
"Tensar was a successful investment and a wonderful company with which to work," said Marcel Fournier, Senior Managing Director of Castle Harlan.
Morgan Stanley & Co. LLC was the financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP was legal counsel to Castle Harlan and Tensar.
About Tensar Corporation
Tensar is a leading global maker of geogrid products and Geopier® foundation improvement solutions for soil reinforcement in a large variety of infrastructure and construction projects. The Company serves a broad range of markets from public roads through marine and waterways, ports, railways, energy, commercial/industrial, airports, military, residential, waste and mining. Tensar is headquartered in Alpharetta, Georgia.
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests and the development of middle-market companies throughout North America, Europe and Australia. Its team of senior investment professionals has completed over 55 acquisitions since its inception, worth an aggregate enterprise value in excess of
View original content:https://www.prnewswire.com/news-releases/castle-harlan-completes-sale-of-tensar-corporation-301532000.html
SOURCE Castle Harlan
FAQ
What was the sale price of Tensar Corporation to CMC?
When was the sale of Tensar Corporation completed?
What does Tensar Corporation specialize in?
Who was the financial advisor for the Tensar sale?
What impact did the sale of Tensar have on Castle Harlan?
