NEW YORK, Sept. 30 /PRNewswire/ -- Castle Harlan, Inc., the New York private equity firm, announced today that Castle Harlan Partners IV has completed the sale of Ames True Temper, Inc., the leading North American manufacturer and global marketer of non-powered lawn and garden tools and accessories, to Griffon Corporation (NYSE: GFF) for $542 million.
Ames True Temper, Inc., in business since 1774, is the market leader in North America for lawn and garden products, such as long-handled tools, including rakes and shovels, as well as wheelbarrows, snow tools, striking tools and pots and planters. The company is based in Camp Hill, Pa. and its customers include national retailers such as The Home Depot, Lowe's and Walmart, as well as major hardware chains and similar stores throughout North America.
Castle Harlan Co-President William Pruellage said, "Our five-year plan for Ames True Temper, Inc. was to expand the business, increase market share in the U.S., create international exposure, and broaden product lines for distribution through our pipeline. We have done that and are pleased with the results. We wish the company continued success as part of the Griffon family."
Credit Suisse and UBS acted as financial advisors to Ames True Temper, Inc. in this transaction. In addition, Robert W. Baird & Co. acted as an advisor to Ames True Temper, Inc. management and Castle Harlan.
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 51 acquisitions since its inception with a total value in excess of $9.6 billion. Castle Harlan currently manages investment funds with equity commitments of $3.6 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.
Castle Harlan's current portfolio of companies, which employ more than 36,000 people, includes Baker & Taylor, the world's largest distributor of books and entertainment products to libraries and retailers; Pretium Packaging LLC, one of the country's leading manufacturers of custom-designed specialty plastic containers for the food, pharmaceutical, personal-care and household markets; and IDQ Holdings, Inc., the industry leader in Do-it-Yourself, branded products for servicing and repairing automotive air conditioners.
For more information, visit www.castleharlan.com.
SOURCE Castle Harlan, Inc.