Castle Harlan completes takeover of Horizon Lines

Castle Harlan completes takeover of Horizon Lines    Castle Harlan, a private equity firm based in New York, has completed the takeover of U.S.-flag carrier Horizon Lines, bought from Washington, D.C.-based equity firm Carlyle Group for $650 million.
   Carlyle, which had acquired its interest in Horizon Lines from CSX Corp. in February 2003 in a recapitalization transaction valued at $300 million, said the sale “yielded a return of more than five times on invested equity.”
   Goldman, Sachs & Co. and Latham & Watkins LLP advised Carlyle on the transaction.
   Formerly known as CSX Lines, Horizon Lines is the largest U.S.-flag container shipping company, although it operates only 16 vessels. The carrier provides ocean transportation and logistics services from the U.S. mainland to Alaska, Hawaii, Guam and Puerto Rico.
   Gregory Ledford, Carlyle's managing director and head of the firm's automotive and transportation group, said Carlyle had helped 'to establish Horizon Lines as a truly independent and standalone company.'