M&A Deal Summary

Castle Harlan Acquires Caribbean Restaurants

On July 8, 2004, private equity firm Castle Harlan acquired restaurant Caribbean Restaurants from Oak Hill Capital for 340M USD

Acquisition Highlights
  • This is Castle Harlan’s 6th transaction in the Restaurants sector.
  • This is Castle Harlan’s 7th largest (disclosed) transaction.
  • This is Castle Harlan’s 1st transaction in Puerto Rico.

M&A Deal Summary

Date 2004-07-08
Target Caribbean Restaurants
Sector Restaurants
Buyer(s) Castle Harlan
Sellers(s) Oak Hill Capital
Deal Type Secondary Buyout
Deal Value 340M USD

Target

Caribbean Restaurants

San Juan, Puerto Rico
Caribbean Restaurants operates 171 Burger King restaurants in Puerto Rico and has been in continuous operation for 43 years. CRI is the market leader and most successful quick-service restaurant franchise on the island.

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Buyer(S) 1

Buyer

Castle Harlan

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Castle Harlan is a large private equity firm that targets private company investments in the US and Australia. Castle Harlan targets businesses in a wide range of industries that include, packaging, industrial services, manufacturing, restaurants, business services, distribution, publishing, and transportation. Castle Harlan can provide both equity and mezzanine capital. The Firm is affiliated with Australian private equity firm CHAMP Private Equity, and together formed CHAMP - Castle Harlan Australian Mezzanine Partners. Castle Harlan was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 29 of 48
Sector (Restaurants) 6 of 8
Type (Secondary Buyout) 7 of 17
Country (Puerto Rico) 1 of 1
Year (2004) 4 of 4
Size (of disclosed) 7 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-07 The Ames Companies

Camp Hill, Pennsylvania, United States

The Ames Companies, Inc. is a manufacturer, marketer and distributor of non-motorized lawn and garden tools, wheelbarrows and hose reels. Ames products are marketed under the Ames, True Temper, Jackson and Garant brand names.

Buy $380M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-07 Charlie Brown s

Millburn, New Jersey, United States

Charlie Brown's Corporation operates steakhouse restaurants in Chatham, Denville, East Windsor, Edison, Lakewood, Maple Shade, Millburn, Old Tappan, Oradell, Scotch Plains, Silverton, Washington Township, Wayne, Westampton/Mount Holly, and Woodbury, New Jersey.

Sell $150M

Seller(S) 1

SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 7 of 55
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 3 of 11
Country (Puerto Rico) 1 of 1
Year (2004) 3 of 3
Size (of disclosed) 13 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-07 Progressive Moulded Products

Vaughan, Ontario, Canada

Progressive Moulded Products Limited went out of business. Progressive Moulded Products Limited, a plastic injection molding company, engages in designing, manufacturing, and supplying interior plastic assemblies for cars and light trucks in North America. The company offers plastic interior subsystems and components, as well as related production moulds. It serves automotive organizations and system integrators. The company was founded in 1967 and is based in Vaughan, Canada. It operates manufacturing plants in the United States and Canada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-02 Duane Reade

New York, New York, United States

Duane Reade, Inc. is a chain of pharmacy and convenience stores.

Buy $700M