The future of an Aussie suburban backyard icon is in limbo after its US-based owner put the brand up for sale.
Griffon Corporation has appointed Goldman Sachs to conduct a ‘comprehensive review of strategic alternatives’ for AMES Australia’s portfolio of brands, including the iconic Hills Hoist clothes line.
The company hopes to sell its Australian subsidiary to focus solely on US markets and improve returns for shareholders.
The New York-listed conglomerate has owned the rights to the Hills Hoist and a host of other Aussie gardening brands since 2017 through the AMES subsidiary.
‘AMES Australia has grown from a small business acquired as part of AMES in 2010 into a category leader in Australia and New Zealand,’ Griffon chief executive Ronald J. Kramer told investors earlier this month.
‘We will identify opportunities for our exceptional team in Australia to take the business to the next level while creating value for our shareholders.’
Other impacted brands include Cyclone garden tools, Kelso wheelbarrows and Happy Tails pet toys, along with Bunnings brands Trojan, Craftright and Citeco.
Hills was founded by Lance Hill in 1945, who invented the iconic clothesline which rotated with the wind in Adelaide.
It revolutionised the way laundry was dried outdoors and soon became an iconic symbol of Australian suburban life.
The company continued to diversify over the years, manufacturing TV antennas, automotive components, electronic security, and healthcare technology.
Hills sold the manufacturing and sale rights of the Hills Hoist to AMES Australasia in 2017, after concluding it could not make money from the iconic product.
Hills went into administration in 2023 after losing a court battle with a $5.48m payout.
More to come.
