LOS ANGELES, April 16, 2023 — Platinum Equity announced today the signing of a definitive agreement to acquire the JELD-WEN Australasia windows, doors and related building products business from JELD-WEN Holding, Inc. (NYSE: JELD) for approximately $461 million.
The transaction is expected to close in the third quarter of 2023, subject to certain closing conditions and regulatory approvals.
“We are proud to have crafted a divestiture solution that delivers speed and certainty to JELD-WEN at a time when the M&A market remains challenging,” said Platinum Equity Co-President Louis Samson. “We are excited about the prospects for the Australasia business. Platinum has decades of experience with corporate carve outs, helping establish standalone companies that can maximize their potential.”
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 notable brands include Corinthian®, Stegbar®, A&L®, Trend® and Breezway®, among others.
“JELD-WEN has built an impressive business in Australasia, with well-recognized brands and a long legacy of manufacturing high-quality products,” said Platinum Equity Managing Director Adam Cooper. “The business is resilient, has performed well through numerous cycles, and is well-positioned for long-term success.”
Mr. Cooper said Platinum Equity is the perfect partner for JELD-WEN’s Australasia business.
“With our experience in Australia, knowledge of the building products space, and our carve out expertise and operational capabilities, we look forward to helping the business navigate a dynamic housing market,” Mr. Cooper added. “This investment is right in our wheelhouse. We will work with management to continue providing high-quality, reliable solutions for customers across Australia.”
“We are proud to have crafted a divestiture solution that delivers speed and certainty to JELD-WEN at a time when the M&A market remains challenging. We are excited about the prospects for the Australasia business. Platinum has decades of experience with corporate carve outs, helping establish standalone companies that can maximize their potential.”
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 is serving as financial adviser to Platinum Equity, and Allens is serving as Platinum Equity’s legal counsel. Macquarie Capital is serving as financial adviser to JELD-WEN and Herbert Smith Freehills is serving 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 350 acquisitions.