Griffon Corporation Announces Repurchase of 1.5 Million Shares from Voss Capital

Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) announced today that it has entered into an agreement (the “Stock Purchase Agreement”) to repurchase 1.5 million shares of the Company’s common stock beneficially owned by Voss Capital (“Voss”) at a purchase price of $65.50 per share, a 3.7% discount from the closing price of the Company’s common stock on February 16, 2024, the last full trading day prior to the execution of the Stock Purchase Agreement.

The transaction closes today, February 20, 2024. Concurrent with the closing of the transaction, Travis Cocke, Chief Investment Officer of Voss Capital, will resign from the Griffon Board of Directors, effective immediately, thereby reducing the size of the Board to 12 members. Mr. Cocke will not stand for election as a director at the Company’s annual meeting on March 20, 2024. The Stock Purchase Agreement incorporates certain terms of the Cooperation Agreement between the Company and Voss Capital announced on January 9, 2023, including a standstill on the part of Voss which will continue for a two-year period.

“Griffon continues to deliver solid operating performance and free cash flow, underpinned by a strong balance sheet. We remain well positioned for continued success. This agreement is just the latest in a series of actions Griffon is taking that demonstrate the confidence we have in our strategic plan and our commitment to creating robust shareholder returns, including substantial stock repurchases and cash dividends,” said Ronald J. Kramer, Chairman and Chief Executive Officer of Griffon Corporation. “Voss continues to be a substantial shareholder of Griffon and has a continued stake in our success. On behalf of the Board, I would like to thank Travis, who has brought important perspective and has been a supportive and constructive director since joining the Board in 2023.”

Travis Cocke, Chief Investment Officer of Voss Capital, added: “I have been pleased to contribute to meaningful, shareholder-friendly actions while on the Board, as Griffon drove excellent operating performance at HBP and implemented its strategic plan relating to the global sourcing initiative at the CPP segment, while generating significant shareholder returns. Even after this share sale, Griffon remains a significant investment for Voss. We continue to believe in the future of the Company and fully support Griffon’s Board and management team’s efforts to create long term shareholder value.”