ONCAP and Griffon launch joint venture Veritage Brands

ONCAP and Griffon Corporation (NYSE: GFF) announced the launch of Veritage Brands, a joint venture combining hand tools, home organization, and lawn and garden product businesses from both companies.

The venture was formed by merging Bellota Tools, Corona, and Burgon & Ball, which were previously subsidiaries of the Venanpri Group majority-owned by ONCAP, with Griffon's AMES Companies businesses in North America.

Veritage operates brands including AMES, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper. The company serves customers across North, Central and South America, and Europe, with facilities in the United States, Spain, Canada, Mexico, and Colombia.

ONCAP affiliates hold a 57% equity interest in Veritage through Venanpri, while Griffon holds 43%. Venanpri's Agrisolutions business, including Bellota Agrisolutions and Ingersoll brands, remains wholly owned by Venanpri and is not part of the joint venture.

"Veritage Brands 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 company stated the venture will leverage operational strengths and capture economies of scale.

Griffon Chairman and CEO Ronald J. Kramer noted that the formation creates a provider with "critical scale and global reach" combining brands with nearly 300 years of combined history.

Canaccord Genuity and Torys advised ONCAP and Venanpri, while Goldman Sachs and Dechert advised Griffon on the transaction.

ONCAP is the lower mid-market private equity platform of Onex Corporation (TSX: ONEX), managing $3.7 billion in assets. Griffon Corporation manufactures building products including garage doors and ceiling fans.

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