Griffon Corporation's Clopay Building Products to Acquire CornellCookson

Dechert advised Griffon Corporation and its subsidiary Clopay Building Products Company, Inc. in its planned acquisition of CornellCookson, Inc., a leading US manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional, and retail use, for $180 million. The acquisition is subject to customary closing conditions, and is expected to close in June 2018.

Griffon and CornellCookson have structured the acquisition such that it will be treated as an asset purchase for tax purposes. This election will generate a tax benefit with an estimated present value of more than $10 million for Griffon and its shareholders. Therefore, after taking into account tax benefits resulting from the transaction, the effective purchase price is approximately $170 million.

The Dechert team advising Griffon is comprised of corporate partners Martin Nussbaum and Christian Materese, as well as tax partner Steven Clemens, employee benefits partner Stephen Skonieczny, employee benefits associate Sarah Burke and corporate associates Matthew Virag and C.J. Ciarrocchi.

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