Griffon buying garden tool maker
Jericho-based Griffon Corp. has agreed to buy Ames True Temper Inc., a lawn and garden tools maker, in a $542 million deal.
Griffon will pay for the Camp Hill, Penn., company with about $75 million in cash and a $500 million loan from Goldman Sachs Lending Partners LLC.
The sale is expected to close by Sept. 30.
Griffon described Ames True Temper as the “leading North American manufacturer and marketer of non-powered lawn and garden tools, wheelbarrows, and other outdoor work products to the retail and professional markets.”
Its brands include: Ames, True Temper, Ames True Temper, Dynamic Design, Garant, UnionTools, Razor-Back, Jackson and Hound Dog. Ames True Temper is owned by a subsidiary of Castle Harlan, Inc.
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