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Castle Harlan completes sale of Polypipe, making 4.5 times return20/08/2007. Source: AltAssets. 
 New York private equity firm Castle Harlan has completed the sale of its interest in Polypipe Group, a UK supplier of plastic pipe systems in the United Kingdom and Ireland. Bank of Scotland Corporate, part of UK banking group HBOS, provided an integrated debt and equity package to support the incumbent management team in a secondary buy-out.
Castle Harlan has realised a total return of almost 4.5 times its original equity investment, generating an annual IRR of more than 150 per cent, according to a statement. The total enterprise value of the transaction was $880m.
At closing, the management team rolled all of its gains into the new transaction. The team now owns a majority of the equity in the company.
Castle Harlan, in partnership with Polypipe management, bought the company in September 2005.
Castle Harlan invests in controlling interests in the buy-out and development of mid-market companies in North America, Europe and, together with CHAMP Private Equity, in Australasia.
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