Gardening products provider Pope sells to Griffon
Griffon Corporation has acquired Pope, an Australian residential gardening products company, through its subsidiary The AMES Companies, Inc. The deal marks AMES's seventh Australian acquisition since 2013.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: Griffon Corporation
Pope is expected to add $25 million in annual revenue to Griffon and positively impact earnings within the first full year of ownership. The acquisition aligns with AMES's strategy to expand its product range in Australia.
Griffon operates two main segments: Home and Building Products, which includes Clopay Corporation, and Consumer and Professional Products (CPP), which includes AMES. The CPP segment offers branded consumer and professional tools, lifestyle products, and home organisation solutions.
The Toro Company, which sold Pope to streamline its portfolio, doesn't expect the sale to significantly impact its fiscal 2024 results. Toro reported net sales of $4.55 billion in fiscal 2023.
Griffon reported strong Q2 results for fiscal year 2024, beating expectations. Despite a revenue decrease in the CPP segment, the company improved EBITDA figures and raised its full-year revenue guidance to $2.65 billion. Griffon also increased its segment adjusted EBITDA forecast by $30 million to $555 million.
The company is actively considering further M&A opportunities and plans to manage stock buybacks strategically to enhance shareholder value.
