Veritage Brands combines with AMES Companies U.S. and Canada
The combination creates a global provider of hand tools, home organization, and lawn and garden products, with ONCAP holding a majority stake and Griffon retaining a 43% equity interest.
Takeaways
- ONCAP and Griffon Corporation closed a joint venture, Veritage Brands, merging A
- ONCAP manages Veritage Brands as a portfolio company with a 57% equity stake, wh
- The transaction advances Griffon’s evolution into a pure-play building products
ONCAP and Griffon Corporation completed the formation of Veritage Brands, combining Griffon’s AMES Companies U.S. and Canada with Venanpri Tools to form a North American hand tools, home organization, and lawn and garden business.
The business serves professional and consumer customers.
Griffon received $100 million in cash and $161 million in second lien debt from Veritage Brands for the contributed AMES assets, retaining a 43% equity stake, while ONCAP and its affiliates hold 57% and manage the company.
“Today’s closing represents a significant step forward for Veritage Brands and Griffon alike,” said Ronald J.
Kramer, Chairman and CEO of Griffon.
LLC and Dechert LLP advised Griffon; Canaccord Genuity LLC and Torys LLP advised ONCAP and Venanpri.
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