Castle Harlan Fund completes purchase of Statia Terminals.DEERFIELD BEACH Deerfield Beach, town (1990 pop. 46,325), Broward co., SE Fla., on the Atlantic coast; inc. 1925. The development of high-technology industry and commerce expanded the town and more than doubled its population between 1970 and 1990. , Fla.--(BUSINESS WIRE)--Dec. 4, 1996--Castle Harlan Inc., the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of merchant bank, has announced that an investment fund it manages had completed the purchase, with management, of the Statia Terminals group of companies from Praxair Inc. (NYSE NYSE See: New York Stock Exchange :PX) for $210 million. David B. Pittaway, a managing director at Castle Harlan, said the companies will be combined as Statia Terminals Group N.V., and will be one of the world's largest independent marine terminal companies. Castle Harlan had announced the agreement to make the purchase on Sept. 25. Statia has three large storage and transshipment Transshipment The passing goods from one ocean vessel to another. facilities located on the island of St. Eustatius Noun 1. St. Eustatius - an island in the Netherlands Antilles Saint Eustatius Netherlands Antilles - a group of islands in the Lesser Antilles just to the north of Venezuela that are administered by The Netherlands , Netherlands Antilles; at Point Tupper, Nova Scotia Point Tupper is a small rural community located in western Cape Breton Island, Nova Scotia on the Strait of Canso. , Canada; and at Brownsville, Texas. The Caribbean and Canadian facilities, with their deep-water ports, can accommodate the world's largest oil tankers. The Statia Terminals group of companies has an administrative office in Deerfield Beach. Statia provides terminal storage, blending and other services for crude oil, refined products and other bulk liquids to crude oil producers, integrated oil companies, oil traders, refiners, petrochemical companies and others. Pittaway said the company's revenues had grown through expansion from $87 million in 1990 to more than $135 million last year. At the same time, its storage capacity had grown from 4.4 million barrels to more than 20 million barrels. James G. Cameron, Statia's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said he is pleased the purchase process is completed and the company's future as an independent terminal operator is secure. Statia Terminals is being acquired by Castle Harlan Partners II, L.P., a private equity investment partnership with capital of $275 million. Castle Harlan, founded in 1987, is headed by John K. Castle, its chairman, and Leonard M. Harlan, president. Since its inception, it has completed acquisitions exceeding $2.5 billion. Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with annual sales of more than $4 billion. CONTACT: For Statia Terminals Mr. Thomas M. Thompson Telephone: 954/698-0705 or For Castle Harlan Mr. Charles Storer Telephone: 212/371-2200 or For Praxair Ms. Susan Szita Gore Telephone: 203/837-2311 |
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