Castle Harlan Expands Colyar's Reach with Acquisition of DIS
NEW YORK, Feb. 10, 2020 /PRNewswire/ -- Castle Harlan, Inc., the New York private equity firm, announced today that its portfolio company, Colyar Technology Solutions, has acquired Dynamic Internet Solutions ("DIS"). Colyar is a leading provider of software facilitating the management of the U.S. Department of Agriculture Child Nutrition and Food Distribution Programs. These federal programs provide funding for the purchase of USDA commodities to States, who in turn distribute the funds to local school districts so that the districts can provide nutritious meals to children. DIS has been providing similar software for 20 years.
David B. Pittaway, Vice Chairman of Castle Harlan, said, "Like Colyar, DIS is experienced in dealing with the complexities of the USDA Child Nutrition Programs. The combination of the two companies will allow customers to benefit through access to new software products and higher service levels."
The acquisition price was not disclosed. DIS's founder, Steve Brooks, will join Colyar's leadership team and transition DIS to Colyar's Scottsdale, AZ headquarters. The integration of the businesses will take the best of both DIS and Colyar to provide customers with a new standard in products and services. Colyar said that it would honor all existing DIS contracts.
"We are looking forward to welcoming Mr. Brooks and the DIS team into the Colyar organization. Together, we will work to deliver exceptional customer service and to develop new innovative solutions for our customers," said Greg Baker, President of Colyar.
Together, Colyar and DIS serve 37 states, processing over $9 billion in claim reimbursement requests each year. The company provides web-based tools to assist in tracking federal dollars by providing a platform to manage the application and administration of claims to the USDA. The company provides a seamless link from the local school district to the State and to the USDA, ensuring that local school districts are in compliance with federal meal standards and eliminating fraud within the system.
The acquisition of DIS follows the spinout of Colyar from Gold Star Foods in October 2019. Castle Harlan remains an active investor, selectively identifying opportunities to deploy capital and create value through active portfolio management.
"The acquisition of DIS further strengthens Colyar's position as the leading provider of technology-enabled national school nutrition solutions and also emphasizes Castle Harlan's focus on completing unique private equity transactions involving market-leading companies at sensible prices, said Patrick Zyla, Vice President of Castle Harlan. "We are excited about the year ahead."
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests and the development of middle-market companies throughout North America, Europe and Australia. Its team of senior investment professionals has completed over 55 acquisitions since its inception, worth an aggregate enterprise value in excess of $11 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s. Castle Harlan's current portfolio companies employ more than 12,000 people, and include Shelf Drilling, one of the largest worldwide contractors of jack-up drilling rigs for shallow water applications; Tensar Corporation, the leading global designer and manufacturer of foundation improvement technologies for the infrastructure, transportation and construction markets; Titan Production Equipment, a leader in the design, engineering and fabrication of oil and gas production equipment; Sunless, Inc., the leading global manufacturer and marketer of spray tanning equipment, solution, and related accessories; and Caribbean Restaurants, the leading restaurant operator and exclusive Burger King and Firehouse Subs franchisee on the island of Puerto Rico, with more than 180 locations. Additional information about Castle Harlan is at www.castleharlan.com.
This release does not constitute an offer to sell or a solicitation to buy any securities in any fund or product offered by Castle Harlan, Inc., or its affiliates, and may not be relied upon in connection with any offer or sale of securities. Such offer or solicitation may only be made pursuant to a current confidential private offering memorandum that will be provided only to qualified offerees.
SOURCE Castle Harlan