Griffon acquires Southern Patio
Griffon Corp. has announced the acquisition of the pots and planters business of Southern Sales & Marketing Group, which markets its products under the Southern Patio brand name ("Southern Patio")
Southern Patio will be integrated into Griffon's subsidiary, Ames True Temper, a manufacturer and marketer of branded non-powered lawn and garden tools, wheelbarrows, and other outdoor work products to the retail and professional markets.
A designer, manufacturer and marketer of landscape accessories, Southern Patio recorded revenues for the fiscal year ended Sept. 30 exceeding $40 million. Total purchase consideration approximated $23 million. Griffon expects the transaction to be immediately accretive to cash flow and earnings per share.