Castle Harlan, the New York buyout firm, has agreed to buy Ames True Temper for $380 million (€310 million).
Ames True Temper makes lawn and garden tools and accessories, such as rakes, shovels, wheelbarrows, snow tools, striking tools, pots and planters.
The company’s major customers include ‘big box’ retailers such as Home Depot, Lowe’s and Wal-Mart, according to a statement.
Castle Harlan managing director Justin Wender led the deal.
Ames True Temper CEO Richard Dell will continue to lead the company.
Castle Harlan will buy the company from middle-market private equity firm Wind Point Partners, which acquired Ames True Temper in 2002.
Recent Castle Harlan deals have included the $650 million purchase of Horizon Lines, a shipping company, and Caribbean Restaurants, which owns Burger King restaurants in Puerto Rico. Equity for the three recent deals has come from Castle Harlan Partners IV, which closed on $1.163 billion last August.
Castle Harlan was founded in 1987 and also operates a subsidiary in Australia called CHAMP.