Griffon Corporation has completed its acquisition of the ClosetMaid home storage and organization business from Emerson.
The companies also amended their previously announced purchase agreement for Griffon to acquire ClosetMaid from Emerson. The amended agreement resulted in a reduction in purchase price from $260 million to $200 million. After taking into account tax benefits resulting from the transaction, the effective purchase price was reduced from $225 million to $175 million, according to Griffon.
“ClosetMaid is a terrific addition to Griffon’s home and building products segment, complementing and diversifying our portfolio of leading consumer brands and products,” said Ronald Kramer, Griffon’s CEO. “We are proud to add ClosetMaid to our family of iconic brands including Ames, True Temper and Clopay, and to welcome the ClosetMaid team to Griffon.”
Effective immediately, Michael Sarrica has been appointed president of ClosetMaid and will continue as a svp/Griffon. Sarrica was promoted to svp/operations of Griffon in 2017 and was previously president of The Ames Companies.
Kramer added, “Mike Sarrica has done an outstanding job strengthening Ames while developing its management team, and played a key role in the acquisition of ClosetMaid. I am confident that Mike’s proven operating expertise and leadership capabilities will guide ClosetMaid to enhanced growth and profitability.”
ClosetMaid headquarters will remain in Ocala, FL.