GRIFFON CORP

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.

Griffon Corporation announced a definitive agreement to form a joint venture with ONCAP, combining its AMES Companies' US and Canada businesses with Venanpri's tools and garden products. Griffon will receive $100 million in cash, a $161.1 million second-lien loan, and hold a 43% equity interest. Concurrently, AMES' US, Canada, Australia, and UK operations are reported as discontinued, with a $22.6 million loss on assets held for sale. For continuing operations, Q1 revenue was $421.86 million, and net income was $19.32 million, resulting in diluted EPS of $0.42.

Griffon Corporation reported its fiscal second quarter 2026 results, with revenue decreasing 1% to $421.9 million and income from continuing operations falling to $46.9 million, or $1.03 per share. Adjusted diluted EPS remained flat at $1.05. The company is progressing with strategic actions to streamline its business into a pure-play building products company, including a joint venture for AMES U.S. and Canada, and maintained its financial guidance for fiscal year 2026.