Joint VentureAug 4, 2026, 08:41 AM
Griffon Closes AMES Australasia JV, Receives $181M Cash & $49M PIK Note
AI Summary
Griffon Corporation announced the closing of its joint venture for the AMES Australasia business on July 31, 2026. The company received $181 million in cash and a $48.6 million PIK note, retaining a 49% equity interest in the new entity. This follows the earlier formation of a joint venture for its AMES North America business, which provided $100 million in cash and a $161.1 million PIK debt receivable. Griffon used proceeds from these transactions to repay $285 million of its Term Loan B.
Key Highlights
- Closed AMES Australasia joint venture on July 31, 2026.
- Received $181 million cash from AMES Australasia JV.
- Received $48.6 million PIK note from AMES Australasia JV.
- Retains 49% indirect equity interest in AMES Australasia JV.
- Repaid $285 million of Term Loan B on July 31, 2026.
- Formed AMES North America JV on June 9, 2026.
- Received $100 million cash from AMES North America JV.
- Received $161.1 million PIK debt from AMES North America JV.
Price Impact
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