Private equity group Castle Harlan inc. has acquired Atlanta-based Tensar Corp., with plans for the geosynthetic products maker and its subsidiaries to adhere to their core business of stabilizing civil infrastructure.
Tensar products are used worldwide to improve soil and pavement conditions. Made mostly of polypropylene or high density polyethylene, the products are sold in rolls, sheets and grid forms to reinforce landfill liners, asphalt roads, building foundations and mine roofs as well as prevent erosion of bridge embankments and coasts.
Most recently, Tensar positioned itself to grow in the northeastern United States. The company signed a distribution contract with ACF Environmental Inc. of Richmond, Va., in June. Tensar expects to pick up customers in the construction industry in Maryland and Delaware as the populations there grow and put more demands on transportation.
Tensar and its business units, which include Geopier Foundation Co. and North American Green, had been owned by Arcapita Inc., another investment group, since 2005. Terms of the sale to Castle Harlan were not disclosed.
Don Meltzer, Tensar president and CEO, pointed out some advantages of the latest acquisition.
“Castle Harlan’s confidence in us is a testament to our market leadership and the company’s tremendous prospects for growth,” Melzer said in a news release. “This transaction brings with it in Castle Harlan a true partner who understands the value Tensar brings.”
Based in New York, Castle Harlan is a middle-market private equity firm that was founded in 1987. The firm tries to partner with management teams of companies that have strong market positions, competitive advantages and opportunity to grow. It participates in eight private equity funds totaling $6 billion in capital commitments.