DealsJun 11, 2026, 02:36 PM
Griffon Corp Closes AMES JV with ONCAP; Gets $100M Cash, $161M Debt
AI Summary
Griffon Corporation announced the closing of a joint venture of its AMES United States and Canada businesses with Venanpri Tools, a global tool provider majority owned by ONCAP. The new entity, Veritage Brands, is 57% owned by ONCAP and its affiliates, with Griffon retaining a 43% equity interest. Griffon received $100 million in cash and $161 million in second lien debt as consideration. This transaction advances Griffon's strategy to become a pure-play building products company.
Key Highlights
- Griffon Corporation closed a joint venture of its AMES US and Canada businesses with Venanpri Tools.
- The joint venture, named Veritage Brands, is 57% owned by ONCAP and its affiliates, with Griffon holding a 43% equity interest.
- Griffon received $100 million in cash and $161 million in second lien debt from the transaction.
- The transaction involved an amended and restated master transaction agreement and the formation of Merv Finco LLC.
- Second Lien Loans (Tranche A and B) totaling $161.1 million were issued by Merv Finco LLC, bearing 10.0% interest.
Price Impact
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