The 72nd annual Alfred E. Smith Dinner was just held in New York City. Hosting more than 800 guests, including Governor Andrew Cuomo, Mayor Bill de Blasio, NYPD Comissioner James O’Neill, former mayors Michael Bloomberg and David Dinkins and many others, the event honors the former governor’s leadership and ability to maintain a positive approach to solving social issues despite setbacks by naming a modern-day “Happy Warrior”.
This year’s Happy Warrior Award was presented to John K. Castle, chairman and CEO of Castle Harlan Inc, philanthropist and adventurer. The award is part of The Alfred E. Smith Memorial Foundation’s efforts to bring hope to all children throughout New York. Keynote speaker at the event was speaker of the house Paul Ryan, and master of ceremonies was Patricia Heaton.
Over the years, the Alfred E. Smith Dinner has raised close to $3.5 million to support children’s charities and educational institutions in New York City.
Just a few days ago, Castle Harlan announced that it had sold United Malt Holdings to GrainCorp. GrainCorp is in Australia and the transaction was conducted between Castle Harlan and Champ Private Equity, Castle Harlan’s Australian affiliate. The sale was made for $655 million.
Two years ago, the private equity firm Castle Harlan “made about two and a half times its money after just a year.” This was accomplished through the sale of RathGibson which was bought out by DLJ Merchant Banking Partners. That price was not that much lower than the more recent one, at $440 million.
Another recent transaction occurred between The New York Times Company, WQXR (New York’s Classical Music Radio Station) and WNYC (New York’s Public Radio). WQXR was sold to WNYC. It was thereafter moved to 105.9FM and operated as a non-commercial. The transaction was priced at $45 million and “signaled the end of the [New York] Times [Company]’s 65 year ownership of the station.”
On the subject of radio-based transactions, in addition, earlier this year Google sold Google Radio automation (including Maestro and SS32 automation products) to Wide Orbit. The details of the transaction remain coveted. In 2007 however, it purchased DoubleClick ad service for $3.1bn.