Griffon Corporation (NYSE: GFF) announced the closing of a joint venture between its AMES Australasia business and an investment group led by AMES Australasia management, backed by Australian financial investors.

Griffon received $181 million in cash, a $49 million paid-in-kind note receivable from the joint venture, and retained a 49% equity interest in the new entity.

Goldman Sachs & Co. LLC served as financial advisor to Griffon and provided committed debt financing for the joint venture. Houlihan Lokey Capital, Inc. advised Griffon's board. Clayton Utz acted as legal counsel to Griffon, while Ashurst Australia represented the investment group.