Alfred Kärcher GmbH & Co. KG announced the
acquisition of Castle Rock Industries, Inc., a portfolio company of Boston-based
private equity firm Heritage Partners. Castle Rock is the parent company of
Windsor, Prochem, Century 400, TecServ and Graco brands.
Dennis Meagher, CEO of Castle Rock Industries stated, “We
are excited about the combination of strengths and culture
in the joining of these companies. The result will be extremely
positive for our current and future customers, the employees
of the companies, and the industries we serve”. Peter
Hermann, General Partner of Heritage Partners said, “We are
very pleased at the outcome of this investment for our
investors, Castle Rock’s management and employees, and
the Francis family, who founded the original company.”
Castle Rock greatly expands Kärcher’s presence in North America through
Windsor’s commercial floor care equipment offering. The acquisition also
provides Kärcher with a presence in the professional carpet cleaning segment
with the Prochem and Century 400 lines, a national service footprint with TecServ,
and an increased parts business with the Graco line.
For Castle Rock, Kärcher brings the resources of a large, multinational company
with world-class capabilities. Kärcher greatly enhances the combined
companies’ exposure to the international marketplace.
Kärcher is excited about the acquisition of Castle Rock
Industries and has indicated strong support for the company
and its current activities. Mr. Hartmut Jenner, the Managing
Director, of Kärcher stated, “We are happy with Castle Rock
Industries’ performance. I am sure that together we will
strengthen our market position in the US and secure
sustainable growth. Our aim is to be the number 1 in North
America in the relevant product segments”. He added, ”We
believe there are exceptional opportunities to enhance
product offerings in both directions between the organizations”.
Harris Williams & Co. served as Castle Rock’s financial advisor in the transaction.
Choate, Hall & Stewart LLP acted as legal counsel to Castle Rock and Heritage
Partners. Duane Morris LLP was U.S. legal counsel to Kärcher and Kärcher
engaged Ernst & Young to undertake the due diligence study.
Castle Rock Industries Acquired by Alfred Kärcher
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