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Griffon Corporation Announces Closing of Joint Venture with ONCAP to Combine AMES North America and Venanpri Tools
Griffon Corporation (NYSE: GFF) (the “Company” or “Griffon”) today an...
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Griffon Corporation Announces Closing of Joint Venture with ONCAP to Combine AMES North America and Venanpri Tools .bwalignc { text-align: center; list-style-position:inside } .bwuline { text-decoration: underline } .bwalignl { text-align: left } Griffon Corporation (NYSE: GFF) (the “Company” or “Griffon”) today announced the closing of the joint venture of Griffon’s AMES Companies (“AMES”) United States and Canada businesses with Venanpri Tools, the global professional and consumer tool provider majority owned by ONCAP, a subsidiary of Onex Corporation (TSX:ONEX). The joint venture, named Veritage Brands, is a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers. More information about Veritage Brands is available in a joint release issued earlier today by ONCAP and Griffon. Veritage Brands is managed as a portfolio company of ONCAP which, together with other affiliates, holds a 57% equity interest in the joint venture. Griffon received $100 million cash consideration and $161 million of second lien debt from Veritage Brands for the sale of AMES U.S. and Canada. Griffon holds a 43% equity interest in the joint venture. “Today’s closing represents a significant step forward for Veritage Brands and Griffon alike,” said Ronald J. Kramer, Chairman and CEO of Griffon. “With ONCAP as our partner, we believe Veritage Brands has a strong foundation to accelerate growth, expand its global presence, and continue delivering value for customers and stakeholders.” “The completion of this transaction also further advances Griffon’s strategic evolution into a pure-play building products company,” added Mr. Kramer. “With leading positions across key residential and commercial product categories, we remain focused on driving organic growth, strategically investing in our businesses and continuing to deliver long-term value for shareholders.” “The formation of Veritage Brands is an important step for unlocking shareholder value,” added Mr. Kramer. “Griffon is the largest North American provider of residential garage doors and commercial sectional doors, rolling steel doors, and grille products, as well as a leading brand of residential and commercial ceiling f...