LOS ANGELES, July 2, 2023 — Platinum Equity announced today that the acquisition of the JELD-WEN Australasia windows, doors and related building products business from JELD-WEN Holding, Inc. for approximately $461 million has been completed.
“We are pleased to have provided a divestiture solution to JELD-WEN as the company continues to streamline and simplify its business,” said Platinum Equity Co-President Louis Samson. “Platinum has decades of experience with corporate carve outs and we expect a seamless transition. We are excited about the prospects for the Australasia business as a standalone company.”
JELD-WEN’s Australasia business is a leading Australian designer, manufacturer and distributor of windows and doors. It employs approximately 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia. Its iconic brands include Corinthian®, Stegbar®, A&L®, Trend® and Breezway®, among others.
A process is underway to create a new corporate umbrella brand for the standalone enterprise.
Scott Kelly, who has been with JELD-WEN in Australia for the past 10 years, will continue leading the business as CEO going forward.
“This is an exciting new chapter for our brands and our people,” said Kelly. “We are looking forward to accelerating our innovation program with Platinum Equity and expanding the value we add for our customers and homeowners.”
“We are pleased to have provided a divestiture solution to JELD-WEN as the company continues to streamline and simplify its business. Platinum has decades of experience with corporate carve outs and we expect a seamless transition. We are excited about the prospects for the Australasia business as a standalone company.”
Several of the business’s brands are leaders in the production and innovation of double glazed and thermally broken windows and doors, which are important tools for increasing total home energy efficiency.
Platinum Equity Managing Director Adam Cooper said those products, in particular, are expected to see strong demand even as the housing market in Australia moves through its current cycle.
“New regulations are coming into effect in Australia requiring improved energy performance in homes, and consumers increasingly appreciate the benefits of energy efficient products,” said Cooper. “The business is well positioned to capitalize on those trends and continue investing in innovation, which is good news from both a financial and sustainability standpoint. A growing population, historically stable economic growth, and nationwide demand for additional housing across the country make us confident in the long-term outlook for the business.”
Cooper said Platinum Equity’s history in Australia combined with its experience in the building products industry makes it a great partner for JELD-WEN’s Australasia business.
“We have been investing in Australia for nearly a decade, we know the market and are committed to putting our financial and operational resources to work in the region,” added Cooper.
Platinum Equity’s current portfolio includes Winc, an office products provider formed through a combination of Staples and OfficeMax assets Platinum Equity acquired in Australia and New Zealand. Platinum Equity previously owned Sensis, an Australian directories business the firm acquired from Telstra.
In the building products space, the firm’s current portfolio includes Cabinetworks, the largest independently owned manufacturer and distributor of kitchen and bath cabinets in the United States, and PGS, a provider of hard surface floor coverings. Previous building products investments include: Interior Logic Group, a provider of interior design and finish solutions for the homebuilding industry; PrimeSource, a national distributor of specialty building materials; and Nilco, a wholesale distributor of specialty building materials and industrial products.
Gresham Advisory Partners served as financial adviser to Platinum Equity, and Allens served as Platinum Equity’s legal counsel. Macquarie Capital served as financial adviser to JELD-WEN and Herbert Smith Freehills served as legal counsel.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $47 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 27 years Platinum Equity has completed more than 400 acquisitions.
About the JELD-WEN Australasia Business
With some of the most iconic brands in the Australasian and global building industry, we are proud to have provided products and services to projects around the globe for residential, multi-residential, and commercial markets. Whether it is windows, doors, architectural glass, showers, wardrobes or other building products, our brands are committed to creating a safe and sustainable environment for customers, our team, and local communities. Over many decades our brands, including Stegbar, Corinthian Doors, A&L Windows, Trend Windows, Aneeta Windows, Breezway, Regency, and William Russell Doors, along with our architectural glass facilities have been at the forefront of innovation, delivering the latest in technology and design to homeowners across Australia and around the globe.