Griffon may draw on revolver to fund ClosetMaid acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 5 – Griffon Corp. may draw down on its revolving credit facility for its acquisition of ClosetMaid Corp., according to a press release.

Griffon entered into a definitive agreement to acquire the Ocala, Fla-based maker of home storage and organization products, for $260 million. The company said it may also use cash on hand or a senior notes offering to fund the acquisition, which is expected to close by the end of the month.

Griffon is a New York-based management and holding company that conducts its business through three segments: home and building products, telephonics and plastics.

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