Castle Harlan, CHAMP Agree to Sell United Malt Holdings to GrainCorp

NEW YORK and SYDNEY, Oct. 5 /PRNewswire/ -- Castle Harlan, Inc., the New York
private equity investment firm, and CHAMP Private Equity, its affiliate based
in Sydney, Australia, confirmed today that they have agreed to sell United
Malt Holdings (UMH), one of the world's largest producers of malt for the
brewing and distilling industries, to GrainCorp, Ltd., a major Australian
bulk-grain handler. The transaction would be valued at US$655 million
(A$757million).

The confirmation followed a GrainCorp announcement of the proposed deal
earlier today (Tuesday morning Sydney time).

United Malt is made up of four malting companies: Great Western Malting in
the United States; Canada Malting in Canada; Barrett Burston Malting in
Australia, and Bairds Malt in the United Kingdom. Castle Harlan and CHAMP
acquired the businesses in September 2006 from Conagra Foods, Inc., a U.S.
company, and Tiger Brands of South Africa.

GrainCorp (GNC.AX) is a leading agribusiness company listed on the Australian
Securities Exchange with a market capitalization today of A$806 million.

David Pittaway, senior managing director at Castle Harlan, said "the GNC and
UMH management teams have identified significant benefits that will result
from the combination of these two great businesses."

He added that UMH would bring "important European, North American and
Australasian markets and relationships" to GrainCorp.

CHAMP Director John Haddock called GrainCorp "a natural owner of UMH's assets;
they are a highly complementary fit." He added that, given its current plant
expansion program, "UMH is well-positioned to continue the strong growth of
its malting business globally."

Castle Harlan, founded in 1987, invests in controlling interests in the buyout
and development of middle-market companies in North America and Europe. Its
team of 19 investment professionals has completed 49 acquisitions since its
inception with a total value in excess of $9 billion. Castle Harlan currently
manages investment funds with equity commitments of $2.5 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, which employ more than 42,000
people, include Ames True Temper, a leading manufacturer of lawn and garden
tools and accessories, Perkins & Marie Callender's, Inc., which operates and
franchises 618 family restaurants in the United States and Canada, and Baker &
Taylor, a prominent domestic and international distributor of books and
entertainment products to libraries and retailers.

CHAMP Private Equity was formed in 2000 by Castle Harlan, Inc., of New York
and Australian Mezzanine Investments Ltd. (AMIL) of Sydney. CHAMP and AMIL
constitute Australia's longest established private equity investor, and funds
advised by them have made some sixty investments since 1987 in companies
operating in Australia and New Zealand. CHAMP (along with AMIL) are well
known pioneers in the private equity sector and for their track record in
building strong companies by partnering closely with management to implement
successful growth strategies. The combined worldwide funds of CHAMP and
Castle Harlan exceed A$5 billion.

CHAMP Funds have acquired and successfully exited from investments across a
variety of sectors, in companies such as Austar Communications, Bradken
Limited and Penrice Limited. Current CHAMP Private Equity investments
include: International Energy Services, Health Care Australia, Manassen Foods,
Study Group International, Bluestar Print Group, Golding Contractors, LCR
Lindores, Alleasing and Centric Wealth.

SOURCE Castle Harlan, Inc.

Charles Storer, +1-212-371-2200