Castle Rock Industries Acquired by Alfred Kärcher
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.
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