La Hacienda is bought by a US company for $11 million. John, Simon, Caroline and Maria Goodwin remain at the helm of the business.
As of yesterday, 31st July 2017, La Hacienda Ltd became part of Griffon Corporation (NYSE: GFF), a US public company with approximately USD $2 billion of annual revenue. Griffon is a diversified management and holding company and operates in three market sectors: Home and Building Products, Telephonics Corporation and Clopay Plastic Products.
La Hacienda will form part of The AMES Companies, which is in turn part of Griffon’s Home and Building Products segment. AMES is the largest supplier of non-powered landscaping products in the USA, Canada and Australasia. The broad range includes long handled garden tools, wheelbarrows, snow tools, striking tools, pruning tools, garden hoses, planters and lawn accessories. Ames (www.ames.com) has a long history dating back to 1774 and in recent years expanded into Australia via Northcote Pottery, Cyclone and Hills. AMES has been looking for an opportunity to enter the UK market and have selected La Hacienda Ltd to work with.
Also forming part of The AMES Companies is one of America’s largest pot and planter suppliers, Southern Patio (www.planter.com). Southern Patio sources and distributes a wide range of pots and planters to many home retailers within the USA including Walmart, Home Depot, Lowes and Costco. Southern Patio is particularly strong in developing lightweight pottery made from fiberglass, resin and stonecast.
La Hacienda Ltd considers this a terrific development for our business, and has great confidence that the many employees, customers and suppliers will benefit from the new ownership structure. As part of the global AMES team, we will be well positioned to serve customers via a stronger supply chain and a broader product range.
The La Hacienda owners, John, Simon, Caroline and Maria Goodwin remain at the helm of the business, along with the wider management team, and confirm it will be ‘business as usual’ as a result of the new ownership.
Simon Goodwin told GTN Xtra: "We wish to thank all of our amazing customers for their support and loyalty over the last 28 years. There are exciting times ahead as the La Hacienda brand will go from strength to strength with the backing of a major global player. We very much look forward to introducing new products, brands and ranges for the benefit of all of our customers."
Griffon Corporation announced on it's website: "Its subsidiary, The Ames Companies, Inc., acquired La Hacienda Limited, a leading United Kingdom outdoor living brand of unique heating and garden décor products. The acquisition broadens AMES’ global outdoor living and lawn and garden business, and supports AMES’ UK expansion strategy.
"The purchase price for La Hacienda approximated $11 million. The acquisition is expected to contribute approximately $18 million in annualized revenue and be immediately accretive to Griffon’s earnings in its first full year of operations."
www.griffon.com
www.lahacienda.co.uk
www.ames.com
