MidOcean is pleased to announce the successful closing of the previously announced sale of MidOcean Fund III portfolio company, Hunter Fan Company (“Hunter” or the “Company”), to Griffon Corporation (“Griffon”). Hunter is the branded leader in residential ceiling fans. MidOcean completed the sale for $845 million, subject to post-closing adjustments. Hunter will be part of Griffon’s Consumer and Professional Products (CPP) segment.
MidOcean, through its focus on branded consumer goods and services, identified Hunter as a company with a dominant brand and stable market position in the ceiling fan category. Hunter, with its history of product innovation and its highly experienced management team, possessed several identifiable opportunities for growth as well as a history of strong cash flow generation.
MidOcean was instrumental in helping Hunter successfully shift the Company’s channel mix from in-store to e-commerce, which allowed Hunter to direct the customer experience. The Company diversified its product portfolio from residential ceiling fans to include industrial fans, commercial ceiling fans and residential lighting. MidOcean worked with the Company to successfully drive a robust digital marketing effort and roadmap to more effectively engage with the audience and increase scale / brand affinity to drive greater sales, garner insights and identify trends.
We are incredibly pleased with the outcome of our investment and look forward to the Company’s continued success.