Beverly Hills-based Platinum Equity is buying the Jeld-Wen Australasia windows, doors and related building products business from Jeld-Wen Holding Inc. for approximately $461 million.
“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,” Platinum Equity Co-President Louis Samson said. “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 that employs approximately 5,000 people and comprises 41 manufacturing locations throughout Australia, Malaysia and Indonesia. The business’s holding company trades on the New York Stock Exchange and traded at $12.53 a share as of April 24.
Platinum Equity is no stranger to the Australian acquisition market. It completed the purchase of office products provider Winc in 2018 and previously owned Sensis, an Australian directories 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,” Platinum Equity Managing Director Adam Cooper said. “This investment is right in our wheelhouse. We will work with management to continue providing high-quality, reliable solutions for customers across Australia.”
Platinum Equity, founded by billionaire businessman Tom Gores, also has experience in the building-products space. The firm’s portfolio includes Cabinetworks, the largest independently owned manufacturer and distributor of kitchen and bath cabinets in the United States, and PGS, a provider of floor coverings.
Previous building products investments include interior design and finish solutions provider Interior Logic Group, building materials distributor PrimeSource and wholesale distributor Nilco.
The transaction is expected to close in the third quarter.
