Castle Harlan’s president Justin Wender has resigned from the firm and its associated companies, effective immediately.
The New York private equity investment firm has appointed Howard Morgan and Bill Pruellage, two of its senior managing directors, as co-presidents.
Morgan and Pruellage will assume all the responsibilities formerly handled by Wender.
Castle Harlan says: "This management realignment is an important step in the evolution of the leadership of our firm and partnership. Morgan and Pruellage have 40 years of combined investment experience. In addition to sharing the role of President, Morgan and Pruellage will continue to actively lead investments for the firm. Notably, in recent months, Pruellage led the February acquisitions of Pretium and Novapak, and Morgan lead the June acquisition of IDQ."
In a combined statement, Morgan and Pruellage said: "We are very excited to continue to build and grow Castle Harlan as a leading middle market buyout firm. Fundraising of Castle Harlan Partners V is now complete. The new fund has made two significant investments in recent months, and we have USD700m of remaining capital to invest over the next five-plus years."
Wender adds: "John Castle and Leonard Harlan have been mentors to me over the years, and I have had many wonderful opportunities at the firm for which I am deeply appreciative. I have the utmost respect for them both. After 17 years at Castle Harlan, I have made the difficult decision that it makes sense for me to move on. I wish John, Leonard and all my colleagues at the firm the very best. I expect to assess and announce my next steps in due course."