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 $550 million,
subject to customary purchase price adjustments.
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 $11
billion. The firm traces its roots to the start of the
institutionalized private equity business in the late 1960s.
Additional information about Castle Harlan is at
www.castleharlan.com.
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SOURCE Castle Harlan