Castle Harlan has sold Tensar Corporation to Commercial Metals Company for $550 million. Morgan Stanley & Co. LLC was financial advisor to Castle Harlan and Tensar on the deal. Georgia-based Tensar is a maker of geogrid products.
New York, NY, April 25, 2022 – 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.