GFF - Griffon to acquire Hunter Fan from MidOcean Partners for $845M

Griffon Corporation (NYSE:GFF) through its subsidiary The AMES agrees to acquire Hunter Fan Company, a market leader in residential ceiling, commercial, and industrial fans, from MidOcean Partners for $845M. The addition of Hunter marks another milestone in Griffon’s portfolio repositioning to further enhance growth and increase value to shareholders. The acquisition of Hunter will be financed through cash on hand, availability under Griffon’s revolving credit facility, and through committed debt financing expected to be in the form of a Term Loan B facility. The transaction expected to be immediately accretive to cash flow and earnings. Griffon expects Hunter to contribute $400M in revenue and $90M of EBITDA, excluding synergies, resulting in earnings accretion of at least $0.50/share. The deal is expected to close by the end of January 2022.

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Griffon to acquire Hunter Fan from MidOcean Partners for $845M