Castle Harlan secured $295 million in refinancing for portfolio company Tensar Corp. Morgan Stanley was the lead arranger. Based in Atlanta, Tensar is a provider of soil stabilization and reinforcement solutions.
NEW YORK, Nov. 30, 2020 /PRNewswire/ — Castle Harlan, a New York private equity firm, today announced that it has secured a $295 million refinancing for its portfolio company, Tensar Corp., headquartered in Atlanta, GA.
Marcel Fournier, Senior Managing Director of Castle Harlan who completed the deal, said Morgan Stanley acted as the sole lead arranger for the privately placed $220 million First Lien Term Loan and $75 million Second Lien Term Loan, which were syndicated to a small group of lenders.
“We see significant potential in Tensar. The underlying infrastructure and construction markets it serves are solid and growing. This refinancing gives the company a renewed time frame to take advantage of these fundamental trends”, said Marcel Fournier.
“This is an important development for Tensar, as it allows us to continue building over the coming years on the strong positions we have established all over the world and the new products we have been developing”, said Mike Lawrence, CEO of Tensar.
Financial terms were not disclosed.
Tensar Corporation is the industry leader in soil stabilization and reinforcement. It helps engineers, contractors and owners use geogrids and geopiers to achieve more cost-effective, reliable solutions for soil stabilization, pavement construction, earth reinforcement, and other site development challenges around the world. Tensar is at: https://www.tensarcorp.com/
About Castle Harlan
Castle Harlan, founded in 1987, has invested in controlling interests in and the development of middle-market companies in North America, Australia and Europe. Its team of senior investment professionals has completed 55 platform acquisitions since its inception with a total value in excess of $11 billion and has supported them with over 50 add-on acquisitions. 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.