AmeriCast Technologies Inc., an Atchison, Kansas-based maker of complex steel castings, has acquired A.G. Anderson Ltd., a Canadian maker of castings for the energy industry. No financial terms were disclosed, except that the combined company will have revenue in excess of $335 million. Castle Harlan bought AmeriCast in late 2006 from KPS Special Situations Fund for $110 million.
Castle Harlan, Inc., the New York private equity investment firm, announced today that its portfolio company, AmeriCast Technologies, Inc., a North American leader in the design and manufacture of large, complex steel castings, has purchased A.G. Anderson Ltd., a widely respected foundry in London, Ontario, that produces castings in large steel, stainless steel and complex ferrous alloys, primarily for the energy industry.
Terms of the transaction were not disclosed. The combined company will have annual revenues of more than $335 million. David Anderson, the president of A.G. Anderson, will continue in that position and own a stake in AmeriCast
It was the second significant acquisition AmeriCast has made since Castle Harlan acquired it in November 2006. In April 2007, AmeriCast bought Atlas Castings and Technology, which makes large specialty steel castings for the energy and defense industries.
Howard Morgan, a senior managing director at Castle Harlan who heads the firm's AmeriCast team, said the
“It will strengthen AmeriCast's product offerings significantly,” he said, “by expanding its capacity in mid-range large complex castings and broadening the range of alloys, technical expertise and pattern-making that it can offer to AmeriCast customers.”
Anand Philip, a senior associate who led Castle Harlan's negotiating team, said the
AmeriCast Technologies, Inc. (www.americasttech.com) is a world leader in the design, manufacture and supply of large highly engineered complex ferrous sand castings, machined components and assemblies through its six North American production facilities. AmeriCast casts large and difficult-to-manufacture parts and is a critical supplier to Fortune 50 manufacturers in the energy, mining, locomotive and mass transit industries. AmeriCast now comprises six wholly owned business units: Atchison Steel Castings, based in Atchison, Kansas, and St. Joseph, Missouri; Atlas Castings and Technology in Tacoma and Chehalis, Washington; AmeriCast Global Services; Amite Foundry near New Orleans; London Precision Machining in London, Ontario; and A.G. Anderson in London, Ontario.
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 Private Equity, in
Castle Harlan's current portfolio companies, which employ more than 42,000 people, include United Malt Holdings, one of the world's largest producers of malt used in the brewing and distilling industries; Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; and Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers.