Iconic Hills Hoist owner explores potential sale
New York-listed conglomerate Griffon Corporation (NYSE: GFF) has appointed an advisor to run a strategic review of its Australian subsidiary Ames Australasia, in a move widely expected to result in a sale. The business owns some of Australia's most recognisable consumer brands, including Hills Hoist, Nylex, Cyclone, Kelso and Pope.
Transaction snapshot
Deal value: N/A (process is pre-transaction; Ames Australasia generates $500m+ in annual revenue and ~$40m forecast EBITDA in FY2026)
Deal multiples: N/A
Deal type: Strategic review / expected divestment (trade sale or private equity deal)
Griffon acquired the Hills Hoist and Nylex brands in 2017 through its Ames subsidiary. It has now announced plans to withdraw from consumer products and markets outside North America to become a pure-play North American building products company.
The strategic pivot is already underway. In early February 2026, Griffon entered a definitive agreement with ONCAP, the lower mid-market private equity platform of Canadian firm Onex Corporation, to form a joint venture combining Ames' US and Canada operations with ONCAP's Venanpri Tools business. Under that deal, Griffon will receive US$100 million (~A$160m) in cash and US$161 million (~A$258m) in second-lien debt, retaining a 43% equity interest. ONCAP and affiliates will hold 57%. That transaction is expected to close by the end of June 2026.
Ames Australasia, headquartered in Doncaster, Victoria, is a significant standalone operation. It generates more than $500 million in annual sales and is expected to produce approximately $40 million of adjusted EBITDA in FY2026. The business operates manufacturing sites at Wonthaggi and Grafton, with distribution centres around the country.
Bunnings is Ames Australasia's largest customer by a wide margin, generating more than half of total sales. The business supplies several Bunnings home brands including Trojan, Craftright and Citeco, along with Happy Tails pet toys and accessories. Metcash's Independent Hardware Group (Mitre 10) is the second-largest customer.
The brand portfolio carries deep Australian heritage. Hills Hoist was founded in Adelaide in 1945. Pope water equipment dates to 1925. Nylex, responsible for developing the plastic Esky in 1984, traces back to the 1920s. Parent company Ames itself was founded in Massachusetts in 1774, making it one of the oldest companies in continuous operation in the United States.
