Castle Harlan Wins “Deal of the Year” Award from ACG Houston
The private equity firm was awarded for its acquisition of Exterran Corporation's oil and gas production equipment assets.
NEW YORK, Feb. 11, 2019 /PRNewswire/ — Castle Harlan, Inc., the New York private equity investment firm, was awarded “Deal of the Year” by the Association for Corporate Growth Houston for its acquisition of Exterran Corporation’s (NYSE: EXTN) North American oil and gas production equipment assets. This operation has subsequently been renamed Titan Production Equipment. Branford Castle Partners, a leading Micro-Cap private equity investor, worked together with Castle Harlan to structure the transaction and made a substantial equity investment in the deal.
The award was presented on February 5th at an evening event at the River Oaks Country Club in Houston. Castle Harlan beat out three other finalists in the Restructurings and Turnaround Transactions category to win the award.
“Castle Harlan has been helping managers grow their businesses for more than 30 years and has a long history with oil and gas operations, including owning Universal Compression, which later became part of Exterran,” said Chris Werner, CEO of Titan. “When Exterran determined that its production equipment business was no longer core to its long-term strategy, Castle Harlan assembled a team of former and current management to establish it as an independent company. With their unique industry expertise and relationships, Castle Harlan was our natural partner.”
Titan Production Equipment is a market leader in designing, engineering and manufacturing oil and gas production equipment used to separate, process and treat hydrocarbon streams at the wellhead, gathering and processing stages of production. The business specializes in custom and made-to-order products, including two- and three-phase separators, as well as glycol regeneration dehydrators. Titan operates out of a 210,000-square-foot manufacturing facility in Columbus, Texas and serves customers across the major U.S. oil and gas basins.
Eric Schwartz, Managing Director of Castle Harlan, said, “We are delighted that ACG Houston recognized the value that has been created by this transaction and Titan’s continued success as an independent business. The Titan purchase was a successful part of Castle Harlan’s strategy to acquire market-leading businesses and create value for our investors through unique deal sourcing and active oversight. Our affiliate, Branford Castle Partners, which bought a controlling interest in Titan, has been a tremendous partner in overseeing the investment with Castle Harlan.”
John S. Castle, President and CEO of Branford Castle Partners, said Titan is thriving. “The business is an important part of its community. It employs about 200 people today, and we plan to add more. Titan’s leadership starts with its skilled and knowledgeable team in Columbus.”
About Castle Harlan:
Castle Harlan, founded in 1987, has invested in controlling interests in and the development of middle-market companies in North America, Australia and Europe. Its team of senior investment professionals has completed over 50 acquisitions since its inception with a total value in excess of $11 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s. Additional information about Castle Harlan is at www.castleharlan.com.
About Titan Production Equipment:
As a 100% production equipment-focused company, Titan provides a high level of service, quality and capabilities to fulfill customers’ equipment needs around the separation, processing and treating of oil and gas hydrocarbon streams. Titan offers deep engineering expertise and has capacity to manufacture at high volumes in an ASME-certified facility that produces both pre-designed and custom separators, heater treaters, glycol dehydration units, as well as a wide range of other production equipment products. Additional information about Titan Production Equipment can be found at www.titanpeq.com.
About Branford Castle Partners:
Branford Castle Partners is a private market investor focusing on Micro-Cap investments, which has more than 30 years of experience helping businesses grow. The firm typically makes control investments in companies with less than $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers. Branford has particular expertise in consumer products and services, commercial distribution, industrials/specialty manufacturing, business services and logistics. For more information see: http://www.branfordcastle.com.
About ACG:
Founded in 1954, ACG is a global organization with 59 chapters and over 14,500 members. Doing business is at the heart of the ACG membership experience. Chapters in the U.S., Canada, Europe and Asia bring dealmakers together to help them achieve their business and professional goals. To learn more visit: www.acg.org/houston.
