Castle Harlan promotes two

The firm has promoted Anand Philip (pictured) to managing director and Joyce Demonteverde to vice president. The moves come as Castle Harlan prepares to defend its quick flip of Norcast.

New York-based Castle Harlan has promoted Anand Philip to managing director and Joyce Demonteverde to the role of vice president.

Philip has been with the firm since 2006 and was previously a vice president. Prior to joining Castle Harlan he worked at The Blackstone Group, focusing on private equity transactions for both Blackstone Capital Partners and Blackstone Communication Partners, the firm’s dedicated media and telecom vehicle. Anand’s promotion brings the number of senior professionals at Castle Harlan to 11.

Demonteverde rejoins the firm after working at JH Whitney as a senior associate. She previously worked at Castle Harlan as an associate from 2005 to 2008. She and Philip will both be responsible for sourcing new investment opportunities and working with the firm’s existing portfolio companies.

Earlier this month, Castle Harlan sold mining product manufacturer Norcast Wear Solutions to Australian industrial product manufacturer Bradken for $218 million just one day after purchasing the company for $190 million. Norcast’s original seller, Pala Investments, reportedly hired law firm Chadbourne & Parke to explore its legal options after learning of the quick flip by Castle Harlan.

“We are highly confident of our legal position and would vigorously defend any action taken against us,” Castle Harlan said in a statement.

Last August, Castle Harlan’s president Justin Wender resigned abruptly for undisclosed reasons. The firm appointed senior managing directors Howard Morgan and Bill Pruellage as co-presidents to take his place.

Since its founding in 1987, Castle Harlan has participated in eight private equity funds, five domestically and three in Australia. The funds total approximately $6 billion in capital commitments, according to the company’s website.