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Castle Harlan Completes Sale of Ames True Temper

websupport@netatwork.com (Super User) — Thu, 30 Sep 2010 00:00:00 +0000

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.

Castle Harlan Sells Ames True Temper, Leading Maker of Lawn and Garden Tools, for $542M to Griffon Corp.

websupport@netatwork.com (Super User) — Mon, 19 Jul 2010 00:00:00 +0000

Castle Harlan, Inc., the New York private equity firm, announced today that Castle Harlan Partners IV has agreed to sell Ames True Temper, Inc. (“Ames True Temper” or the “Company”), the leading North American manufacturer and global marketer of non-powered lawn and garden tools and accessories, to Griffon Corp. for $542 million.

Griffon Corp. is a diversified management and holding company based in New York. Its businesses include Telephonics Corp., which produces information, communication and sensor systems; Clopay Building Products Co., maker of commercial and residential garage doors; and Clopay Plastic Products Co., producer of specialty plastic films for hygienic, healthcare and industrial applications.

Ames True Temper, in business since 1774, is the market leader in North America for certain 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, Penn., 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 President Justin Wender said, “We’ve had a successful partnership with Ames True Temper since we acquired the company in 2004. With an exceptionally strong and experienced management team in place, the company is poised to continue its solid growth, and we’re proud to have been a part of its storied history.”

Ames True Temper President and CEO Duane Greenly said, “It has been a pleasure to partner with Castle Harlan. With its guidance and support, we’ve made tremendous strides, and we will continue to provide our customers and the market in general, a focus on quality, service and value.”

Ron Kramer, Griffon’s Chief Executive Officer commented, “Ames True Temper is the clear market leader in the outdoor work category, with superb brands, quality products, excellent customer relationships, and an outstanding management team. There are immediate growth opportunities for this business both in North America and around the world. Ames True Temper will provide significant initial value to our shareholders, as well as enhance our ability to grow for the long-term.”

Under the definitive agreement, the buyer is expected to effect a tender offer for and/or substantially concurrent with the closing of the acquisition cause the Company to effect a redemption offer and a covenant defeasance of both the Senior Floating Rate Notes due 2012 and the 10% Senior Subordinated Notes due 2012, in each case issued by Ames True Temper, in accordance with the indentures governing each series of Notes. Completion of the acquisition is conditioned on the satisfaction of customary closing conditions and is expected to be finalized later this quarter.

Credit Suisse and UBS acted as financial advisors to Ames True Temper in this transaction. In addition, Robert W. Baird & Co. acted as an advisor to Ames True Temper 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 $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 of companies, which employ more than 37,500 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.

Castle Harlan Completes Purchase of Ames True Temper For $380 Million

websupport@netatwork.com (Super User) — Wed, 07 Jul 2004 00:00:00 +0000

NEW YORK, July 7, 2004 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it has completed the acquisition of Ames True Temper, a leading manufacturer and global marketer of lawn and garden tools and accessories. The transaction was valued at $380 million.

In business since 1774, the company is a North American market leader in certain 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. It is based in Camp Hill, Pennsylvania.

The company's customers include such major retailers as Home Depot, Lowe's and Wal-Mart, as well as major hardware chains and similar stores throughout North America.

Justin Wender, the managing director at Castle Harlan who led the transaction, said the current management, including Chief Executive Officer Richard Dell, would remain in place and would continue to hold an equity stake in the company.

Castle Harlan is buying Ames True Temper from Wind Point Partners, a private-equity firm based in Chicago that had acquired the company in early 2002.

The equity capital for the acquisition was provided by Castle Harlan Partners IV, L.P., a $1.163 billion investment fund that closed last August.

Founded in 1987, Castle Harlan is a leading New York private-equity investment firm, investing primarily in controlling interests in the buyout and development of middle-market companies in North America and Europe. Castle Harlan's team of nine managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include AdobeAir, Inc., a leading manufacturer of evaporative coolers; Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

Castle Harlan Signs Agreement To Buy Ames True Temper For $380 million

websupport@netatwork.com (Super User) — Tue, 08 Jun 2004 00:00:00 +0000

NEW YORK, June 8, 2004 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it has signed a definitive agreement to acquire Ames True Temper, a leading manufacturer and global marketer of lawn and garden tools and accessories. The transaction was valued at $380 million.

The company's customers include such major retailers as Home Depot, Lowe's and Wal-Mart, as well as major hardware chains and similar stores throughout North America.

"Ames True Temper has a formidable market position," said Justin Wender, the Castle Harlan managing director who led the transaction. "It sells outstanding products with respected brand names and is run by strong, experienced managers."

The company's chief executive officer, Richard Dell, commented that "our management team welcomes the opportunity to partner with Castle Harlan to continue to build Ames True Temper."

Castle Harlan is buying Ames True Temper from Wind Point Partners, a private-equity firm based in Chicago that had acquired the company in early 2002.

Ames is the third major company that Castle Harlan has agreed to acquire since the beginning of May. Two weeks ago, it announced it had signed an agreement to buy Horizon Lines, a leading marine shipping company operating between the U.S. mainland and ports in Alaska, Hawaii, Guam and Puerto Rico. The value of the transaction was put at $650 million.

In early May, the firm announced it would acquire Caribbean Restaurants LLC, which owns 165 Burger King restaurants in Puerto Rico and is the most successful quick-service franchise on the island. The agreement set the purchase price at $340 million.

The equity capital for all three acquisitions will be provided by Castle Harlan Partners IV, L.P., a $1.163 billion investment fund that closed last August.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.