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August 17, 2017 at 02:27AM
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Gold Star Foods, a portfolio company of Castle Harlan Inc, has acquired A&R Wholesale Distributors, a supplier of fresh and healthy foods to schools in Southern California. No financial terms were disclosed.
PRESS RELEASE
New York, June 13, 2017 – Castle Harlan, Inc., the New York private equity investment firm, announced today that its portfolio company, Gold Star Foods, has acquired A&R Wholesale Distributors. This is the third acquisition made by Gold Star under Castle Harlan’s ownership. Gold Star is the preeminent company to help states and local school districts across the country comply with complex state and federal regulations covering government funding and nutritional content requirements for school meal programs. A&R has been supplying fresh and healthy foods to schools in Southern California for more than 30 years.
David B. Pittaway, Senior Managing Director of Castle Harlan, said, “Like Gold Star, A&R is experienced in dealing with the complexities of the USDA Child Nutrition Program and helps to create meals that adhere to USDA nutritional standards and commodity guidelines. The combination of Gold Star and A&R will allow customers to benefit from access to new product categories, an increased number of SKUs, and higher service levels.”
The acquisition price was not disclosed. A&R will continue to be led by Jeff Kuriel and will operate from its facility in Anaheim until the operation transitions to Gold Star’s Ontario headquarters. At that time, Mr. Kuriel will join Gold Star’s leadership team. Gold Star said that it would honor all of A&R’s contracts.
Gold Star Foods is a leading distributor of approved foods for school meals in the Southwestern United States. Its customers include the Los Angeles Unified School District, California’s largest and the nation’s second-largest school district, among others. In addition to California, Gold Star Foods also serves a number of schools in Arizona and Nevada.
Sean Leer, CEO of Gold Star Foods, and Mr. Kuriel, CEO of A&R, jointly wrote to customers of the two companies that the integration of the businesses will be seamless and will take “the best of both A&R and Gold Star to provide you with a new gold standard in products and services.”
Gold Star continues to expand, both organically and through acquisitions, towards becoming the leading value-added services provider dedicated to school nutrition programs across the country. Prior to the A&R acquisition, Castle Harlan had invested more than $40 million in Gold Star Foods during the first quarter of 2017, bringing its total investment to more than $60 million over the past year, to support the growth of Gold Star Foods. A portion of this capital was used to fund the acquisition of Colyar Technology Solutions, a leading designer, developer and marketer of food distribution and compliance management software, as well as the construction of a 188,000-square-foot food distribution center in Dixon, CA. The Dixon, CA warehouse supports Gold Star’s expansion in Northern California.
The combination of Gold Star Foods and Colyar Technology Solutions provides a unique platform that leverages Gold Star Foods’ deep knowledge and industry leadership around nutritional content in school meal programs with Colyar Technology Solutions’ leading technical expertise in developing software products for regulatory compliance management.
“The acquisition of Colyar furthered Gold Star’s strategic shift into providing technology-enabled national school nutrition solutions to both states and local school districts” said Patrick Zyla, Vice President of Castle Harlan. “Colyar’s web-based tools help to simplify the complex regulatory burdens faced by food providers in lunchrooms across the nation. Colyar assists in managing federal dollars by providing a platform to manage the application and administration of claims to the USDA, providing a link among local school districts, states and the USDA.”
More than half of U.S. states currently use Colyar Technology Solutions’ cloud-based solutions to properly track and document government funding allocations for government food distribution programs. With Gold Star Foods’ knowledge of nutritional content, Colyar Technology Solutions has begun developing a new suite of technology-enabled solutions to help states and local school districts document and comply with nutritional content standards, an eligibility requirement for certain government funding. Gold Star Foods is uniquely positioned to offer this service.
About Castle Harlan
Castle Harlan, founded in 1987, has invested in controlling interests in and the development of middle-market companies in North America, Australia and Europe. Its team of senior investment professionals completed over 50 acquisitions since its inception, with a total value in excess of $11 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s. Additional information about Castle Harlan is at http://ift.tt/1ZOhPz5
June 14, 2017 at 02:32AM
from Iris Dorbian
Bill intended to overhaul Dodd-Frank is expected to die in the Senate after passing 233-186 in the House.
June 09, 2017 at 02:32AM
from
First impressions off the rank now 8 June
GBPUSD down to 1.2734 EURGBP up to 0.8828
Didn’t I warn from the off that May got it wrong and we should be cautious about a Tory victory?
June 09, 2017 at 02:34AM
from Mike Paterson
A new Malauzai report shows mobile banking is the preferred format for fiancial services.
June 09, 2017 at 02:32AM
from
Market Roundup
• US Initial jobless claims 245k v 240k forecast, 255k -previous.
• US Jobless claims 4-wk Avg 242k, 239.75k – previous.
• U.S. services data suggests upward revision to Q1 GDP – Commerce Dept
• ECB expects 2017 inflation at 1.5% vs 1.7% in March.
• Comey will not say if he believed Trump colluded with Russia in open hearing .
• Trump attorney Kasowitz: Trump “never, in form or substance, directed or
suggested that Mr. Comey stop investigating anyone”.
• Comey: He took Trump’s words as a direction, that he wanted him to drop Flynn probe.
• UK Voting ends at 2100 GMT. First rounds of results are expected by 2300 GMT.
• ECB’S Draghi: Very favorable financing conditions necessary to raise inflation to target.
• Draghi: Very substantial degree of monetary accommodation still needed.
• ECB ready to increase the programme in terms of size and/or duration
If the outlook becomes less favourable, or if financial conditions become inconsistent
Looking Ahead – Economic Data (GMT)
• 01:30 China PPI YY* 5.7% forecast, 6.4% – previous
• 01:30 China CPI YY* 1.5% forecast, 1.2% – previous
• 01:30 Australia Housing finance MM* -1.0% forecast , -0.5% – previous
Looking Ahead – Events, Other Releases (GMT)
• No significant events
Currency Summaries
EUR/USD is likely to find support at 1.1169 levels and currently trading at 1.1210 levels. The pair has made session high at 1.1228 and hit lows at 1.1195 levels. Euro declined against the dollar on Thursday as the dollar strengthened across the board after European Central Bank kept interest rates on hold and said it would keep money taps fully open and repeated interest rates would stay at record lows. The ECB dropped a reference to further interest rate cuts, while repeating it expects rates to remain at record lows for an extended period and well beyond its asset purchase programme. The ECB decision was largely in line with expectations and many investors were holding fire ahead of UK election. The euro has risen 10 percent against the dollar in the past five months, partly due to the greenback’s weakness, but also on the view that rising inflation would prompt the ECB to raise interest rates in early 2018.But reports on Wednesday that the ECB would cut its inflation forecasts have dampened expectations of the bank’s language veering towards a pullback of its stimulus programme, also known as quantitative easing (QE), later this year. The euro, which weakened on Wednesday on reports that the ECB would cut its inflation forecasts, was down 0.38 percent to $1.1212, after dipping to $1.1196, its lowest level since May 31.
GBP/USD is supported in the range of 1.2891 levels and currently trading at 1.2941 levels. It reached session high at 1.2954 and dropped to session low at 1.2907 levels. Sterling declined against the U.S. dollar on Thursday as worries about outcome of UK election weighed on Sterling. Sterling, had hit a two-week high of $1.2978 in morning trade in London after polling organisations last surveys, but slipped back later in US session to trade down 0.2 percent at $1.2948 by 1930 GMT. The pound gained as much as 4 percent after Prime Minister Theresa May called a snap election seven weeks ago. Polls initially suggested a landslide win for May’s Conservatives that was seen giving the prime minister a stronger hand in Britain’s looming negotiations on leaving the European Union. But sterling has since fallen from its highs as the polls have narrowed. A final opinion poll published on Thursday showed Prime Minister Theresa May’s Conservatives widening their lead to 8 percentage points from 5 points, suggesting her gamble to call the vote to strengthen her position in Brexit negotiations will pay off.
USD/CAD is supported at 1.3468 levels and is trading at 1.3495 levels. It has made session high at 1.3514 and lows at 1.3482 levels. The Canadian dollar strengthened against its U.S. counterpart on Thursday, shaking off lower oil prices, as investors assessed political uncertainty. The U.S. dollar rose against a basket of major currencies after the European Central Bank cut its forecasts for inflation. Oil prices edged lower, with benchmark Brent crude and U.S. crude prices hitting respective one-month lows of $47.56 and $45.20 after an unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated concerns about a worldwide glut. On the data front, New housing prices in Canada jumped 0.8 percent in April from March, the biggest gain in almost a year, Statistics Canada said. The data will undoubtedly fuel worries about a potential housing bubble in Vancouver and Toronto, where prices rose the most in 28 years. In other domestic data, seasonally adjusted housing starts fell to 194,663 units in May from a revised 213,498 in April. The Canadian dollar was trading at C$1.3495 to the greenback or up 0.1 percent. The currency traded in a narrow range of C$1.3486 to C$1.3522.
AUD/USD is supported around 0.7498 levels and currently trading at 0.7545 levels. It hit session high at 0.7548 and made session lows at 0.7528 levels. The Australian dollar dipped slightly against US dollar on Thursday as downbeat Australian economic data and firmer greenback across the board weighed on the Australian dollar. The Australian dollar slipped as low as $0.7522 at one stage, off from a $0.7568 top touched on Wednesday, before steadying at $0.7547.The Aussie’s recent uptrend remained intact, with gains of 1.4 percent this month. That compares with drops in March, April and May. The pullback came after data showed Australia’s trade surplus shrank 82 percent to A$555 million in April. That was the lowest in six months and far below forecasts of A$1.9 billion. Investors were awaiting the outcome of the UK general election as Britons voted on Thursday in a snap vote predicted to give Prime Minister Theresa May a larger parliamentary majority. Investors view that a clear win would give May more bargaining power in Brexit negotiations, perhaps leading to a deal that’s more favourable to British industries and markets.
Equities Recap
European shares wobbled on Thursday after the European Central Bank signalled an end to rate cuts and as Britons voted in a general election, though stronger banks and miners lent support.
UK’s benchmark FTSE 100 closed down by 0.1 percent, the pan-European FTSEurofirst 300 provisionally closes down by 0.01 percent, Germany’s Dax ended up by 0.3 percent, France’s CAC finished the day flat.
U.S stocks ended higher on Thursday after former FBI Director James Comey’s testimony was seen by investors as having no smoking gun that could affect Donald Trump’s presidency.
Dow Jones closed down by 0.05 percent, S&P 500 ended up by 0.03 percent, Nasdaq finished the day up by 0.38 percent.
Treasuries Recap
U.S. Treasury yields rose on Thursday as investors looked past the testimony of former Federal Bureau of Investigation chief James Comey, who made no new revelation about the agency’s Russian probe, to focus on the Federal Reserve’s widely expected interest rate hike next week.
In late trading, U.S. 10-year notes were last down 4/32 in price, with yields at 2.193 percent, compared with 2.180 percent late on Wednesday.
U.S. 30-year bonds fell 10/32 in price, yielding 2.852 percent, compared with Wednesday’s 2.837 percent.
Commodities Recap
Gold prices extended losses into a second session on Thursday as the dollar strengthened and as investors viewed the testimony from former U.S. FBI director James Comey as containing no significant surprises.
Spot gold was down 0.7 percent at $1,277.95 an ounce by 4:04 p.m. EDT (2004 GMT). U.S. gold futures for August delivery shed 1.1 percent to settle at $1,279.50.
Oil prices fell again on Thursday, with a sell-off continuing the day after data showed a surprise surge in U.S. crude inventories, and Brent settled at its lowest since Nov. 29, the eve of an OPEC production cut deal.
​
Brent crude fell 20 cents to settle at $47.87 a barrel, while U.S. crude futures settled down 8 cents to $45.64 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com
June 09, 2017 at 02:32AM
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WHO: Geoff Ribar, senior vice president & CFO, Cadence Design Systems, Inc. (NASDAQ: CDNS)
WHAT: Mr. Ribar will participate in a fireside chat in addition to hosting individual meetings with investors, at the Nasdaq 36th Investor…
June 07, 2017 at 02:35AM
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NEW YORK, June 6, 2017 /PRNewswire/ — On Tuesday, July 4, 2017, the Empire State Building (ESB) will host the Ultimate 4th of July celebration from 7:00 p.m. until 10:00 p.m. This exclusive annual event offers breathtaking views of…
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May 28, 2017 at 02:33AM
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May 25, 2017 at 02:32AM
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The U.K.’s Serious Fraud Office has asked Société Générale SA to hand over materials it received during its recently settled dispute with the Libyan Investment Authority, at the behest of U.S. bribery investigators, attorneys told a London court Monday.
May 16, 2017 at 02:37AM
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In the year since the U.S. Supreme Court’s Spokeo decision, nearly 60 percent of courts analyzing constitutional standing have determined that the particular plaintiff had Article III standing. Notably, the outcomes vary markedly by statute and forum, and have intensified in some ways over the last six months, say attorneys with Morgan Lewis & Bockius LLP.
May 16, 2017 at 02:37AM
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A Minnesota appeals court revived a bank’s malpractice lawsuit against a law firm accused of providing inadequate advice that resulted in approximately $1.65 million in unexpected taxes for an estate, saying Monday that the bank could sue as a personal representative of the estate.
May 16, 2017 at 02:37AM
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The U.S. Securities and Exchange Commission on Monday charged a pair of former Nomura Securities International Inc. head traders with lying to customers about the prices of commercial mortgage-backed securities they were buying and selling in order to inflate Nomura’s profits and line their pockets.
May 16, 2017 at 02:37AM
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