Global M&A partners, BGL and LG Advise Castle Harlan on Acquisition of Polypipe UK
08 September 2005
Brown Gibbons Lang & Company (BGL), together with its UK Global
M&A partner, Livingstone Guarantee (LG), announced today that
Castle Harlan Partners IV L.P., a $1.2 billion private equity fund
managed by Castle Harlan, Inc., (Castle Harlan), a leading New
York-based private equity firm, has acquired Polypipe Building
Products Ltd. (Polypipe) from IMI plc (IMI), a UK-based, publicly
traded, global engineering company. BGL and LG introduced the
opportunity, sourced management, and acted as exclusive financial
advisors to Castle Harlan for the transaction.
Castle Harlan Partners IV purchased Polypipe for a total enterprise
value of £293 million ($527 million).
Operating out of 39 main facilities with approximately 2,900
employees, Polypipe is a leading manufacturer of plastic pipe
systems for the UK domestic and civil construction markets, with a
strong presence in niche segments of the plastic pipes and fittings
market in Ireland, France and Germany. For the 12 months ended last
June 30, Polypipe’s unaudited results were revenues of
£314.6 million ($566.3) and EBITDA of £45.6 million
($82.1 million).
Howard Morgan, senior managing director of Castle Harlan, said,
"Polypipe is a major player in the UK building products industry,
and we are confident that the business will flourish as an
independent group."
Referring to his advisory team, Morgan added, "The two Global
M&A firms worked together seamlessly and we are extremely
pleased with the result. In fact, BGL and LG provided the highest
level of support and value imaginable in such a complex
cross-border deal."
"This is a milestone achievement for BGL and Global M&A,”
said David Sulaski, BGL managing director & principal and head
of the firm’s private equity practice. "BGL helped develop
Global M&A largely to provide unique resources and global
expertise to private equity firms here and abroad, and we are
pleased to have put its capabilities to work here for one of the
US’ most distinguished firms."
"We have enjoyed working closely with Castle Harlan on two
continents to help manage all aspects of this complex transaction,"
said BGL director Jay Greyson. "This is a vivid example of what
solid teamwork and global collaboration can accomplish."
Added Jeremy Furniss, the LG partner who co-managed the transaction
in the UK together with Alex Sheffield, director, "Castle
Harlan’s purchase of Polypipe represents the third
significant cross-border transaction jointly managed by BGL and LG
in the last 12 months, further evidence that our unique
middle-market cross border capability has become an essential
resource for sophisticated buyers and sellers around the
world."
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company
(BGL) is a leading independent investment bank serving middle
market companies and their owners throughout the U.S. and
internationally. BGL’s professionals are experts in mergers
& acquisitions, debt & equity placements, and financial
restructurings. BGL is the U.S. partner in Global M&A, one of
the world’s leading partnerships of top-tier, mid-market,
cross-border investment banks. For more information, please visit
www.bglco.com.
About Castle Harlan, Inc.
Castle Harlan, Inc. was founded in
1987 by John K. Castle, former president and chief executive
officer of Donaldson, Lufkin & Jenrette, a leading investment
banking firm, and Leonard M. Harlan, founder and former chairman of
The Harlan Company, Inc., a diversified real estate and corporate
finance advisory firm. Castle Harlan's team of nine managing
directors, including its founders, has completed 45 acquisitions
with a total value in excess of $7 billion in a wide variety of
industries including aviation services, building products, consumer
products, energy services, general manufacturing and restaurants.
Howard D. Morgan, senior managing director of Castle Harlan, Inc.,
and John E. Morningstar, vice president of Castle Harlan, Inc.,
will join Polypipe’s board of directors. For more
information, please visit www.castleharlan.com.
About IMI plc
IMI plc is a global engineering
company specializing in providing innovative solutions and services
for a wide range of industrial and retail customers. IMI's
operations share the following core characteristics: strong market
positions in growing markets; the ability to be clearly
differentiated from their competitors through technological
innovation or after-sales service; and the provision of 'added
value' through bespoke solutions rather than a high manufacturing
or material content. IMI is quoted on the London Stock Exchange and
is capitalized at approximately £1.5bn. For more information,
please visit www.imiplc.com.
About Livingstone Guarantee LLP
Livingstone Guarantee is the UK's
oldest mid-market M&A boutique. Founded in 1976, the
London-based firm focuses on divestments, acquisitions and private
equity transactions with values of between $25m and $250m. The firm
recently completed its 300th transaction in a 10 year period.
Livingstone Guarantee is a founding partner of the Global M&A
partnership of middle market investment banks. Please visit
www.livguarantee.com.
About Global M&A
Global M&A is widely recognized
as one of the world’s leading working partnerships of
independent middle-market investment banks located in 26 countries
throughout Europe, North and South America, and the Far East. The
organization provides cross-border M&A advisory, capital
raising, and financial restructuring services. Global M&A
members have completed more than 600 transactions with an aggregate
deal value exceeding $15 billion since 2000. For more information,
please visit www.globalma.com.
For more information, or if you would like to be removed from our
mailing list, please contact:
Wendy Neal
Vice President of Marketing
Brown Gibbons Lang & Company
216-241-2800
wneal@bglco.com
Professionals
Sulaski, David C.
dsulaski@bglco.com
t: (312) 658-1600 x228
Greyson, Jay K.
jgreyson@bglco.com
t: (216) 241-2800 x214
Furniss, Jeremy
jeremy.furniss@livguarantee.com
t:
44 20 7484 4703
