Situation
Garden Weasel is a brand of consumer-focused garden tools that are sold through retailers across the U.S. and direct to consumers online. The brand was acquired by Faultless Brands / Bon Ami Company in the 1970s and became a household name in the 1980s and 1990s through strong TV advertising. Faultless Brands, a 5th-generation family-owned company reviewed strategic alternatives and determined the Garden Weasel business should be carved-out and sold.
Approach
Garden Weasel represented a corporate carve-out where the ideal buyer would be able to bolt the product line onto an existing business. Turnstone built a counterparty list of public and private companies currently in the lawn & garden tool space as well as consumer products companies with similar sourcing and distribution channels as Garden Weasel. Marketing materials placed increased emphasis on Garden Weasel’s brand equity and potential to expand the product line.
Outcome
Turnstone received interest from multiple counterparties, including public companies, private equity-backed companies and family owned companies. Ultimately, Turnstone helped Faultless Brands sell Garden Weasel to General Tools & Instruments and its financial sponsor High Road Capital Partners. The Garden Weasel acquisition allowed General Tools & Instruments to enter into the lawn & garden market and leverage its existing customer base and sourcing relationships. Turnstone managed the diligence process and was able to execute the transaction less than 30 days after signing a letter of intent.