Castle Harlan sold portfolio company Colyar Technology Solutions to Banneker Partners. Banneker is merging Colyar Technology with its portfolio company EMS LINQ. Castle Harlan acquired Colyar Technology in 2016.
Castle Harlan, Inc., the New York private equity firm, announced the sale of its portfolio company, Colyar Technology Solutions (“Colyar”), to Banneker Partners. In conjunction with the sale, Colyar will be merged with Banneker’s portfolio company, EMS LINQ INC (“LINQ”).
Castle Harlan acquired Colyar, headquartered in Phoenix, AZ, in April 2016 and oversaw its expansion to become the largest provider of software facilitating the management of the U.S. Department of Agriculture Child Nutrition and Food Distribution Programs. These federal programs provide funding for the purchase of USDA commodities to states, which in turn distribute the funds to local school districts so that the districts can provide nutritious meals to children.
Colyar, under Castle Harlan’s ownership, grew to serve 37 states, processing over $9 billion in claim reimbursements annually for nutritious meals for K-12 students.
“During our ownership period, we were able to strengthen Colyar’s position as the leading provider of technology-enabled school nutrition solutions by making significant investments in management, add-on acquisitions, and developing proprietary software” said Patrick Zyla, Vice President of Castle Harlan.
Greg Baker, Colyar’s CEO, said, “Our partnership with Castle Harlan has allowed us to provide customers with new technology solutions and related services. We look forward to joining forces with Banneker and LINQ as we continue to develop new software products and provide higher service levels across the State and K-12 markets.”
David Pittaway, Vice Chairman of Castle Harlan, added “Colyar is a great example of a Castle Harlan portfolio company that capitalized on its leadership position and grew both organically and through add-on acquisitions. Colyar has been a highly successful investment for Castle Harlan and its limited partners, and we wish the company and management team the best on its next phase of growth.”
Terms of the sale were not disclosed. McDermott Will & Emery LLP served as legal counsel to Castle Harlan in connection with this transaction.
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. Castle Harlan’s current portfolio companies employ more than 12,000 people, and include Shelf Drilling, one of the largest worldwide contractors of jack-up drilling rigs for shallow water applications; Tensar Corporation, the leading global designer and manufacturer of foundation improvement technologies for the infrastructure, transportation and construction markets; Titan Production Equipment, a leader in the design, engineering and fabrication of oil and gas production equipment; Sunless, Inc., the leading global manufacturer and marketer of spray tanning equipment, solution, and related accessories; and Caribbean Restaurants, the leading restaurant operator and exclusive Burger King and Firehouse Subs franchisee on the island of Puerto Rico, with more than 180 locations. Additional information about Castle Harlan is at www.castleharlan.com.