Griffon Corp., a diversified management and holding company, has acquired Hunter Fan Co., a U.S. brand of residential ceiling fans, for $845 million.
Going forward, Hunter will join the firm’s consumer and professional products segment. The deal was financed through a new $800 million Term Loan B facility. Griffon will use cash on hand and borrowings under its credit facility to fund the balance of price and acquisitions and debt expenses.
“Hunter is a fantastic addition to our family of iconic brands including AMES, True Temper and ClosetMaid,” said Ronald Kramer, Griffon’s CEO. “Hunter has strong strategic alignment with our Consumer and Professional Products segment and will enhance our product portfolio while accelerating our growth and online market presence. We are pleased to welcome the Hunter Fan team to Griffon.”
BofA Securities and Goldman Sachs & Co. LLC acted as financial advisors to Griffon. Dechert LLP acted as Griffon’s legal counsel. Raymond James and Piper Sandler acted as financial advisors to Hunter, and Gibson, Dunn and Crutcher acted as Hunter’s legal counsel.