Case Study: Griffon
Baird Serves as Lead Book-runner on Follow-on Offering
Baird served as the lead book-running manager on Griffon Corporation’s (“Griffon”) follow-on offering, which raised $197.8 million in gross proceeds and included the full exercise of the overallotment option.
Griffon is a diversified management and holding company that conducts business through three reportable segments: Consumer and Professional Products, Home and Building Products and Defense Electronics. Headquartered in New York, New York, the company oversees operations, allocates resources and manages capital structures for its subsidiaries.
Baird’s process expertise and knowledge of the small-cap growth investor universe drove an exceptional outcome for Griffon, which expects to use the proceeds from the offering for working capital, general corporate purposes and to deleverage its balance sheet.
Transaction Highlights
Based on Griffon’s performance and despite the challenges of the COVID-19 environment, Baird led a successful offering for Griffon that generated significant demand from new, long-only, growth-driven investors.
- Repositioned the Griffon growth story to improve awareness and hook new investors
- Executed a successful, completely virtual execution process
- Leveraged Baird’s institutional equities platform during the marketing process, facilitating 1,500+ points of outreach across the firm’s sales, research and equity capital markets teams
- Developed in-depth investor targeting, including building and branded consumer products peer holders, Baird’s small-cap growth relationships and key middle market accounts
- Drove strong demand – the offering was multiple times oversubscribed, with little price sensitivity from investors
In addition to efficiently raising primary capital that strengthened Griffon’s financial position for continued growth, the transaction brought in new small-cap growth investors and elevated Griffon’s institutional profile.
Baird’s Global Investment Banking Team
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The transaction listed above was selected for its relevance to our Global Industrial experience and does not represent all Baird transactions. View a full list of transactions.