Onex's Oncap, Griffon to form joint venture

Executive Summary

• Oncap (Onex Corp.'s lower mid-market private equity platform) and Griffon Corp. have entered into a definitive agreement to form a joint venture creating a leading global provider of hand tools, home organization solutions, and lawn and garden products.
• The joint venture combines Venanpri Group’s Bellota Tools, Corona, and Burgon & Ball with Griffon’s Ames Companies businesses in North America.
• Venanpri (along with Oncap affiliates) will hold a 57% equity interest, while Griffon will hold 43%. The transaction is expected to close by the end of June 2026.

Key Details

• Transaction Structure: Joint Venture between Oncap (via Venanpri Group) and Griffon Corp.
• Combined Entities:
  • Venanpri Group: Bellota Tools, Corona, and Burgon & Ball.
  • Griffon Corp.: Ames Companies businesses in North America (part of Consumer and Professional Product segment).
• Equity Ownership:
  • Venanpri (with Oncap affiliates): 57%
  • Griffon Corp.: 43%
• Brands Included: Ames, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper.
• Geographic Reach: Customers in North, Central, and South America, and Europe; operating facilities in the United States, Spain, Canada, Mexico, and Colombia.
• Exclusions: Venanpri's Agrisolutions business (including Bellota Agrisolutions and Ingersoll brands) is not part of the joint venture and remains wholly owned by Venanpri.
• Strategic Rationale: Leverage strengths of both organizations, streamline operations, capture economies of scale, and create a leading provider with critical scale and global reach.
• Advisers:
  • Oncap/Venanpri: Financial adviser is Canaccord Genuity LLC; legal counsel is Torys LLP.
  • Griffon: Financial adviser is Goldman Sachs & Co. LLC; legal counsel is Dechert LLP.
• Closing Conditions: Subject to customary closing conditions.
• Expected Closing Date: End of June 2026.

Notable Quotes

• "This transaction brings together global leaders in professional and consumer tools, home storage and organization solutions, and lawn and garden products," said Michael Lay, executive chair at Oncap. "The combination of Venanpri and Ames will allow us to leverage the strengths of both organizations while streamlining operations and capturing the benefits of economies of scale."
• "The combination of the Venanpri Tools and Ames businesses creates a leading provider of professional and consumer tools, home storage and organization solutions, and lawn and garden products with critical scale and global reach," said Ronald J. Kramer, chairman and chief executive officer of Griffon.