Platinum Equity to Acquire JELD-WEN Australasia Window and Door Business
Platinum Equity announced the signing of a definitive agreement to acquire the JELD-WEN Australasia windows, doors, and related building products business from JELD-WEN Holding Inc. for approximately $461 million.
The transaction is expected to close in the third quarter of 2023, subject to certain closing conditions and regulatory approvals.
What people are saying
"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," says 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 an 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," says Platinum Equity Managing Director Adam Cooper. "The business is resilient, has performed well through numerous cycles, and is well-positioned for long-term success."
"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," Cooper adds. "This investment is right in our wheelhouse. We will work with management to continue providing high-quality, reliable solutions for customers across Australia."
About Platinum Equity
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.
