Griffon forms Veritage Brands joint venture with ONCAP combining AMES North America and Venanpri assets
Reuters2026/08/07 21:02- Griffon formed a joint venture with ONCAP to combine AMES North America with ONCAP-owned Venanpri’s hand tools and outdoor products businesses.
- The venture, Veritage Brands, closed on June 9, 2026; ONCAP holds 57% equity, Griffon holds 43% and will account for the stake under the equity method.
- Griffon received USD 100,000 in cash, a USD 161.1 million second-lien PIK debt receivable, and a 43% equity interest initially carried at USD 118.6 million.
- The transaction is part of a strategy to shift to a pure-play residential and commercial building products company, with AMES operations reported as discontinued.
- Griffon recorded a USD 26,603 loss on the Veritage closing during the nine months ended June 30, 2026, including costs to sell.
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