Champ Private Equity, the Australian affiliate of Castle Harlan, has acquired LCR Lindores Group, an Australian industrial and mining services company. No financial terms were disclosed.
Castle Harlan, Inc., the New York-based private equity investment firm, announced today that its Australian affiliate, CHAMP Private Equity, has acquired LCR Lindores Group, one of the largest privately owned industrial and mining services companies in Australia. Terms of the transaction were not disclosed.
Based in Brisbane, Queensland, LCR Lindores provides tower cranes, mobile cranes, heavy haulage and mining services throughout the country. Its principal markets are in the mining and resources sector, construction, infrastructure development and heavy industry.
The acquisition was Sydney-based CHAMP’s second in Queensland since it opened its Brisbane office. Last March, CHAMP acquired a controlling interest in Golding Contractors Pty Ltd, a company based in Gladstone that is heavily involved in the mining industry and large infrastructure projects.
CHAMP acquired LCR Lindores from the Lindores family, which founded the company in 1985. It has annual revenues of more than A$120 million. LCR Lindores’ senior management team, headed by CEO Col Partington, participated in the acquisition alongside CHAMP.
Cameroon Buchanan, the CHAMP managing director who led the acquisition team, said CHAMP welcomed the opportunity to purchase LCR Lindores.
“LCR Lindores has long been a highly respected family company that has provided exceptional service to its customers in a wide range of industries and has diversified its business to create a platform for strong future growth,” Buchanan said. “We are confident that the company is ready to enter the next exciting phase in its evolution.”
CHAMP Private Equity was formed in 2000 as Castle Harlan Australian Mezzanine Partners by the founders of CHAMP’s Australian predecessor and Castle Harlan. CHAMP Private Equity and its predecessor have made more than 60 investments since 1987 in companies operating in Australia and New Zealand.
The combined worldwide funds under the management of CHAMP Private Equity and Castle Harlan exceed A$5 billion. CHAMP Private Equity and its predecessor funds have recorded an annual return on funds invested of approximately 30 percent since 1987. CHAMP Funds have acquired and successfully exited from investments in a variety of sectors, including Austar United Communications, the satellite TV broadcaster for most of Australia, Bradken Limited, Australia’s largest foundry for large metal castings, and Penrice Limited, the only producer of soda ash in Australia.
Current CHAMP portfolio companies include: International Energy Services, Manassen Foods, Healthcare Australia, Study Group International, United Malt Holdings and Blue Star Print Group Limited.
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, in Australasia. It has completed 49 acquisitions since its inception with a total value in excess of $9 billion.
Castle Harlan’s current portfolio companies, which employ more than 42,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Baker & Taylor, the leading global distributor of books and entertainment products to libraries and retailers, and Anchor Drilling Fluids USA, Inc., the nation’s largest independent provider of drilling fluids and fluid-handling services for onshore oil and gas drilling.