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Castle Harlan sells Ames True Temper for USD542m to Griffon

Castle Harlan Partners IV has agreed to sell Ames True Temper, a North American manufacturer and marketer of non-powered lawn and garden tools and accessories, to Griffon for USD542m.

Griffon is a diversified management and holding company based in New York.

Its businesses include Telephonics, which produces information, communication and sensor systems; Clopay Building Products, maker of commercial and residential garage doors; and Clopay Plastic Products, producer of specialty plastic films for hygienic, healthcare and industrial applications.

Ames True Temper is based in Camp Hill, Pennsylvania, 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 says: "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 chief executive Duane Greenly says: "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, adds: "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."

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