Toronto & New York, Feb 06 — ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX:ONEX), and Griffon Corporation (NYSE: GFF) (“Griffon”) announced today they have entered into a definitive agreement to form a joint venture creating a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers.
The joint venture will combine Bellota Tools, Corona, and Burgon & Ball, which are currently subsidiaries of the Venanpri Group (“Venanpri”), ONCAP’s majority-owned portfolio company, and Griffon’s AMES Companies (“AMES”) businesses in North America, which are currently part of Griffon’s Consumer and Professional Products (“CPP”) segment. The Venanpri companies within the joint venture are leading global providers of professional and consumer tools, and the AMES companies within the joint venture are leading providers of branded consumer and professional tools, home storage and organization solutions, and lawn and garden products in North America.
“This transaction brings together global leaders in professional and consumer tools, home storage and organization solutions, and lawn and garden products,” said Michael Lay, Executive Chair at ONCAP. “The combination of Venanpri and AMES will allow us to leverage the strengths of both organizations while streamlining operations and capturing the benefits of economies of scale. We are excited to work with our partners at Griffon to realize this vision.”
The joint venture will be comprised of leading professional and consumer brands including AMES, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper, serving customers in North, Central and South America, and Europe and with major operating facilities located in the United States, Spain, Canada, Mexico, and Colombia.
The joint venture will be managed as a subsidiary of Venanpri, which, together with other affiliates of ONCAP, will hold a 57% equity interest. Griffon will participate in the governance and oversight of the joint venture as a 43% equity holder. Venanpri’s Agrisolutions business, including the Bellota Agrisolutions and Ingersoll brands, are not part of this joint venture and will continue to be wholly owned by Venanpri.
“Over the years, Griffon has built upon AMES’s 250-year legacy to create a portfolio of trusted, iconic brands that are sought after by consumers and professionals. Many of these brands have legacies of a century or more, and are highly respected within their home regions,” said Ronald J. Kramer, Chairman and CEO of Griffon. “The combination of the Venanpri Tools and AMES businesses creates a leading provider of professional and consumer tools, home storage and organization solutions, and lawn and garden products with critical scale and global reach.”
Griffon will be issuing a separate press release this morning regarding the joint venture and certain actions to be taken relating to its Consumer and Professional Products segment.
Canaccord Genuity LLC is acting as financial advisor and Torys LLP is acting as legal counsel to ONCAP and Venanpri. Goldman Sachs & Co. LLC is acting as financial advisor and Dechert LLP is acting as legal counsel to Griffon Corporation. This transaction is subject to customary closing conditions and is expected to close by the end of June 2026.