New owner for ClosetMaid

St. Louis—ClosetMaid, a producer of home storage and closet organizer systems, is being sold to Griffon Corp., a New York-based holding company, for a reported $260 million. ClosetMaid, part of Emerson’s Commercial & Residential Solutions business, is based in Ocala, Fla., and employs approximately 1,500 people worldwide.

The sale represents “the final step in the strategic portfolio repositioning we began two years ago,” David Farr, Emerson chairman and CEO, said in a statement. “With Griffon we have found a good home for ClosetMaid.”  The transaction is expected to close within 30 days.

Ronald Kramer, CEO of Griffon, which owns leading brands including AMES and True Temper, said the addition of ClosetMaid would complement and diversify its portfolio. “This acquisition expands our existing footprint in home centers and expands our customer relationships to include the direct to builder and mass merchant, specialty and hardware channels.”

Griffon added that ClosetMaid was “a terrific addition” to his company’s home and building products segment.

ClosetMaid, a regular fixture at industry trade shows, is known for such products as ExpressShelf, which was launched at the NAHB International Builders Show in January. ExpressShelf is a pre-finished shelf and rod system that is positioned as a fast alternative to traditional, painted-MDF plank and pole systems.