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ONCAP and Griffon Corporation to Form Professional and Consumer Products Joint Venture
ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX:ONEX), and Griffon C...
About this update from Onex Corporation
[{"type":"text","content":"ONCAP and Griffon Corporation to Form Professional and Consumer Products Joint Venture\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }\n \n\n\n\n ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX:ONEX), and Griffon Corporation (NYSE: GFF) (“Griffon”) announced today they have entered into a definitive agreement to form a joint venture creating a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers.\n \n\n The joint venture will combine Bellota Tools, Corona, and Burgon & Ball, which are currently subsidiaries of the Venanpri Group (“Venanpri”), ONCAP’s majority-owned portfolio company, and Griffon’s AMES Companies (“AMES”) businesses in North America, which are currently part of Griffon’s Consumer and Professional Products (“CPP”) segment. The Venanpri companies within the joint venture are leading global providers of professional and consumer tools, and the AMES companies within the joint venture are leading providers of branded consumer and professional tools, home storage and organization solutions, and lawn and garden products in North America.\n \n\n “This transaction brings together global leaders in professional and consumer tools, home storage and organization solutions, and lawn and garden products,” said Michael Lay, Executive Chair at ONCAP. “The combination of Venanpri and AMES will allow us to leverage the strengths of both organizations while streamlining operations and capturing the benefits of economies of scale. We are excited to work with our partners at Griffon to realize this vision.”\n \n\n The joint venture will be comprised of leading professional and consumer brands including AMES, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper, serving customers in North, Central and South America, and Europe and with major operating facilities located in the United States, Spain, Canada, Mexico, and Colombia.\n \n\n The joint venture will be managed as a subsidiary of Venanpri, which, together with other affiliates of ONCAP, will hold a 57% equity interest. Griffon will partici...