Castle Harlan Inc has spun out Colyar Technology Solutions from portfolio company Gold Star Foods. No financial terms were disclosed. Based in Phoenix, Colyar is a provider of software facilitating the management of the U.S. Department of Agriculture Child Nutrition and Food Distribution Programs.
NEW YORK, Oct. 15, 2019 /PRNewswire/ — Castle Harlan, Inc., the New York private equity firm, today announced the spinout of Colyar Technology Solutions from Gold Star Foods.
Colyar, headquartered in Phoenix, AZ, is a leading 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, who in turn distribute the funds to local school districts so that the districts can provide nutritious meals to children.
Colyar’s web-based tools assist in tracking federal dollars by providing a platform to manage the application and administration of claims to the USDA. Colyar provides a seamless link from the local school district to the State and to the USDA. The company’s tools also ensure that local school districts are in compliance with federal meal standards and help to eliminate fraud within the system. Colyar’s clients represent 27 States and 31 agencies, processing over $9 billion in claim reimbursement requests each year.
Castle Harlan has expanded Colyar’s reach by upgrading the management team and developing Cartewheel, an integrated, seamless software as a service (SaaS) application for use in school menu planning. “In partnership with Castle Harlan, Colyar has leveraged its expertise to develop new software products to solve local school districts’ needs for menu and production planning in compliance with USDA standards,” said David Pittaway, Vice Chairman of Castle Harlan. Colyar’s Cartewheel platform provides a national school nutrition solution for both States and local school districts, a need that is currently underserved in the industry.
Castle Harlan remains an active investor, selectively identifying opportunities to deploy capital. In addition to the spinout of Colyar, Castle Harlan has completed two platform acquisitions in the past 15 months. “We believe that it is an opportune time to deploy capital in businesses in a selective and focused way. The Colyar spinout reflects our continued emphasis on identifying and completing unique private equity transactions involving market-leading companies at sensible prices,” said Patrick Zyla, Vice President of Castle Harlan.
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 56 platform acquisitions since its inception, worth an aggregate enterprise value in excess of $11 billion. The firm has supported these platform investments with more than 50 add-on acquisitions. 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 and spray tanning solutions; 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.