The completion was largely expected after the June 11 agreement. Focus shifts to Griffon's remaining building products businesses (Clopay, Hunter, etc.) for organic growth and margin trends. The debt paydown improves credit profile; monitor upcoming quarterly results for pro forma earnings contribution from the 43% Veritage and 49% Australasia JV stakes. No immediate catalyst from this filing given pre-announcement.
Price Chart
Executive Summary
Griffon Corporation closed the sale of its AMES Australasia business to a joint venture, receiving $181M in cash, a $48.6M PIK note, and a 49% equity interest. Net cash proceeds helped repay $285M of Term Loan B, significantly deleveraging the balance sheet. This filing completes the previously announced AMES North America and Australasia divestitures, leaving Griffon as a pure-play building products company (garage doors, ceiling fans).
Key Financial Metrics
Key Facts
- Closed sale of AMES Australasia to JV on July 31, 2026 for AUD$258M cash (~USD$181M), AUD$69.3M PIK note (~USD$48.6M), and 49% equity interest
- Repaid remaining $285M Term Loan B using JV proceeds and revolver borrowings
- Combined AMES transactions (North America + Australasia) generated net cash proceeds of $274.95M and $209.7M in PIK notes receivable
- Recorded combined net gain of $81.9M on both transactions after taxes ($107.8M gain on Australasia offset by $25.9M loss on North America)
- Pro forma continuing ops revenue for FY2025 is $1.795B vs historical $2.520B, reflecting removal of AMES segments
- Pro forma FY2025 income from continuing ops of $35.9M vs historical $51.1M; FY2024 pro forma $245.0M vs historical $209.9M (benefited from removal of impairments)
Financial Impact
Net cash inflow of ~$275M from combined AMES transactions, debt reduction of $285M, plus $210M in PIK notes receivable at 10% interest
Risk Factors
- Loss of AMES revenue and operating income streams; pro forma FY2025 revenue drops 29% to $1.795B
- PIK notes are subordinated and long-dated (6-10 years); recovery depends on JV performance
- AMES North America sale recorded a loss, suggesting below-book value exit
Market Snapshot
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052181 |
| Exhibit: exhibit41-projectbournexpi.htm | 0001628280-26-052181 |
| Exhibit: exhibit21-projectbournexsi.htm | 0001628280-26-052181 |
| Exhibit: exhibit991-griffonpressrel.htm | 0001628280-26-052181 |
| Document: gff-20260731.htm | 0001628280-26-052181 |
| Document: 0001628280-26-052181-index-headers.html | 0001628280-26-052181 |
| Document: 0001628280-26-052181-index.html | 0001628280-26-052181 |
| Document: 0001628280-26-052181.txt | 0001628280-26-052181 |
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