Posted December 20, 2021

AMES Companies to acquire Hunter Fan Co.

The AMES Companies Inc., a subsidiary of Griffon Corporation, has agreed to acquire Hunter Fan Company, a manufacturer of residential ceiling, commercial, and industrial fans, for $845 million.

"We are excited to add Hunter, the leading U.S. brand of residential ceiling fans, to our family of iconic consumer and professional brands including AMES, True Temper, and ClosetMaid," said Ronald J. Kramer, Griffon’s chief executive officer. "The acquisition of Hunter, along with the expected sale of Griffon’s Defense Electronics business, marks a repositioning and strengthening of the Griffon portfolio which will further accelerate our growth, increase shareholder value, and is an effective use of our capital."

Hunter will become part of the Griffon Consumer and Professional Product segment.

Griffon expects Hunter to contribute $400 million in revenue and $90 million of EBITDA, excluding synergies, resulting in earnings accretion of at least $0.50 per share. Griffon’s purchase price represents an approximate 9.4 times multiple of EBITDA from the first full fiscal year of operation.