Global investment firm Platinum Equity has agreed to pay $461 million to acquire JELD-WEN’s Australasia business from New York-listed JELD-WEN Holding, according to an announcement.
The transaction, which is expected to close in Q3 of this year subject to regulatory approval and certain closing conditions, is aligned with Platinum Equity’s investments in the building products space.
The firm’s portfolio in this space includes Cabinetworks, the largest, independently-owned manufacturer and distributor of kitchen and bath cabinets in the US; and PGS, a developer, importer and distributor of premium, proprietary porcelain tile and other hard surface floor coverings.
JELD-WEN’s Australasia business employs about 5,000 people and operates in 41 manufacturing locations across Australia, Malaysia, and Indonesia. The Australasia business represents approximately 11% of the company’s global revenues and is the leading Australian designer, manufacturer and distributor of windows and doors.
The company’s notable brands include Corinthian, Stegbar, A&L, Trend, and Breezway.
“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.
Platinum Equity is a global investment firm with approximately $36 billion in assets under management and a portfolio of about 50 operating companies across the world.
In 2022, the firm completed 61 add-on acquisitions across its portfolio. The firm specialises in private equity buyouts and has over 27 years of experience transacting across geographies, industries and transaction types.
In addition to our core buyout capabilities, Platinum is active in the credit asset class, investing in the private and public debt of underperforming, undermanaged, undervalued companies, primarily in North America.
In February, Platinum Equity secured $70 million in investment commitments from Fubon Life Insurance for its buyout fund, Platinum Equity Capital Partners VI.