B. Riley and Capital Recovery Group to Conduct a Series of Sales Across Multiple Locations on behalf of The AMES Companies

Rhea-AI Summary

Griffon Corporation (NYSE: GFF) and B. Riley Financial, Inc. (Nasdaq: RILY) are offering complete wood mills for sale, including real estate and plant machinery in Pennsylvania and Iowa. The assets being auctioned include injection molding, CNC, stamping, and fabrication equipment, as well as plant support assets. The auctions are part of the global sourcing strategy expansion of The AMES Companies, a subsidiary of Griffon Corporation, and will provide manufacturers with the opportunity to acquire top-tier equipment and operational sawmill facilities ready for production.

Positive

• The auctions present a unique opportunity for manufacturers to acquire operational sawmill facilities and top-tier equipment, potentially boosting production capabilities and efficiency.

Negative

• None.

Complete Wood Mills Being Offered Intact with Real Estate;
Plant Machinery in Pennsylvania and Iowa to be Auctioned

Injection Molding, CNC, Stamping, Fabrication and Plant Support Among Assets to Be Sold

LOS ANGELES, Nov. 13, 2023 /PRNewswire/ -- The industrial auction subsidiary of B. Riley Financial, Inc. ("B. Riley") (Nasdaq: RILY), together with Capital Recovery Group, LLC, today announced it will be offering complete wood mills for sale and conducting a series of public auctions in support of the previously announced expansion of the global sourcing strategy of The AMES Companies ("AMES"), a wholly-owned subsidiary of Griffon Corporation (NYSE: GFF).

AMES is a manufacturer and global provider of high-quality branded consumer and professional products for home storage and organization, landscaping, and enhancing outdoor lifestyles. Wood mill operations at AMES locations in New York, Ohio and Pennsylvania are being offered intact with real estate.

Equipment from AMES wheelbarrow, shovel, and related manufacturing operations in Camp Hill and Harrisburg, Pennsylvania and Fairfield, Iowa will be offered through a series of global auctions.

Assets include complete sawmill operations, dowel turning and shaping equipment, injection molding machines, metal stamping presses and lines, late model CNC machinery, trailers, and forklifts in addition to a wide variety of general plant support assets and certain raw materials.

"This is a unique opportunity for manufacturers of all sizes to acquire both top tier equipment as well as operational sawmill facilities ready for production," said Paul Brown, Senior Vice President at B. Riley.

The auctions are slated to commence on December 12 and will extend into mid-2024. Additional information including the auction catalog and specific event dates will be announced and posted to the websites below.

B. Riley Wholesale & Industrial Solutions, LLC
B. Riley Wholesale & Industrial Solutions provides equipment management and capital recovery solutions to leaders in various industries. Solutions include auctions, private treaty, liquidation, valuations and a host of asset planning and recovery strategies to maximize return. For more information, visit https://brileyfin.com/capabilities/wholesale-and-industrial-solutions.

About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.

About Capital Recovery Group, LLC (CRG)
The CRG Auction division brings generations of experience, refined sales methodologies, and multiple selling platforms to sell surplus or underperforming assets and deliver a maximum return to its clients. For more information, visit: https://crgllc.com/

Auction Inquiries
Paul Brown
B. Riley Wholesale & Industrial Solutions, LLC
pbrown@brileyfin.com
(203) 313-8935

Media Contact
Jo Anne McCusker
B. Riley Financial, Inc.
press@brileyfin.com
(646) 885-5425

View original content to download multimedia:https://www.prnewswire.com/news-releases/b-riley-and-capital-recovery-group-to-conduct-a-series-of-sales-across-multiple-locations-on-behalf-of-the-ames-companies-301986509.html

SOURCE B. Riley Financial

FAQ

What assets are being auctioned by Griffon Corporation and B. Riley Financial, Inc.?

The assets being auctioned include complete wood mills, injection molding machines, metal stamping presses, CNC machinery, trailers, forklifts, and various plant support assets.

What is the purpose of the auctions?

The auctions are part of the global sourcing strategy expansion of The AMES Companies, a subsidiary of Griffon Corporation, and aim to provide manufacturers with the opportunity to acquire top-tier equipment and operational sawmill facilities ready for production.

When will the auctions commence?

The auctions are scheduled to commence on December 12 and will extend into mid-2024.

Where can I find more information about the auctions?

Additional information, including the auction catalog and specific event dates, will be announced and posted on the B. Riley Wholesale & Industrial Solutions website.