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Griffon Corp. to Acquire Hunter Fan for USD 845m.

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Vincent

MANews-(C)2009-2021

US-based management and holding company Griffon Corp. (NYSE: GFF), through its The AMES Companies, Inc. subsidiary, has entered into a definitive agreement to acquire US-based residential ceiling, commercial, and industrial fan provider Hunter Fan Company from MidOcean Partners for USD 845m, the company said.

The acquisition of Hunter will be immediately accretive to earnings and cash flow.

In the first full fiscal year of operation, Griffon expects Hunter to contribute USD 400m in revenue and USD 90m of EBITDA, excluding synergies, resulting in earnings accretion of at least USD 0.50 per share.

Griffon's purchase price represents an approximate 9.4 times multiple of EBITDA from the first full fiscal year of operation.

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 acquisition of Hunter is subject to customary closing conditions and is expected to close by the end of January 2022.

BofA Securities and Goldman Sachs and Co. LLC are acting as financial advisors to Griffon. BofA Securities has also provided committed financing for the acquisition...

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