I’d like to add another vote for the StringFormat object.
You can use this simply to specify “center, center” and the text will be drawn centrally in the rectangle or points provided:
StringFormat format = new StringFormat();
format.LineAlignment = StringAlignment.Center;
format.Alignment = StringAlignment.Center;
However there is one issue with this in CF. If you use Center for both values then it turns TextWrapping off. No idea why this happens, it appears to be a bug with the CF.