CHARLOTTE, N.C., April 17, 2023 /PRNewswire/ — JELD-WEN Holding, Inc. (NYSE: JELD), a top worldwide manufacturer of creating goods, right now announced that it has completed its extensive evaluation of strategic options for its Australasia enterprise and has entered into a definitive sale agreement with Platinum Equity to sell one hundred% of the enterprise for about $688 million Australian dollars (or about US$461 million1) ahead of tax and topic to particular adjustments. JELD-WEN anticipates minimal tax leakage related with the transaction.
“Today’s announcement marks continued execution against our tactic to streamline and simplify our enterprise and maximize shareholder worth,” stated William J. Christensen, JELD-WEN chief executive officer. “I want to personally thank our Australasia group for their really hard function and dedication to serving consumers. We appear forward to functioning with Platinum on executing a seamless transition for the enterprise.”
Platinum Equity Co-President Louis Samson and Platinum Equity Managing Director Adam Cooper stated in a joint statement, “We are excited about the prospects for the Australasia enterprise. Platinum has decades of expertise with corporate carve outs, assisting establish standalone businesses that can maximize their prospective. With our expertise in Australia, our know-how of the creating goods space, and our carve out knowledge and operational capabilities, we appear forward to assisting the enterprise navigate a dynamic housing marketplace. This investment is appropriate in our wheelhouse.”
JELD-WEN’s Australasia enterprise represents about 11 % of the company’s worldwide revenues and is the top Australian designer, manufacturer and distributor of windows and doors. It employs roughly five,000 persons and comprises 41 manufacturing areas across Australia, Malaysia and Indonesia. Its notable brands consist of Corinthian®, Stegbar® and Breezway®, amongst a lot of other individuals.
The transaction is anticipated to close in the third quarter of 2023, topic to particular closing circumstances and regulatory approvals.
JELD-WEN intends to use the majority of the proceeds from the transaction to spend down debt. The corporation plans to update complete-year guidance on its initial quarter earnings contact, scheduled for May well 9, to reflect reporting the Australasia enterprise as discontinued operations starting in its second fiscal quarter.
Macquarie Capital is serving as economic adviser to JELD-WEN, and Herbert Smith Freehills is serving as legal counsel. Gresham Advisory Partners is serving as economic adviser to Platinum Equity, and Allens is serving as legal counsel.
To study additional about JELD-WEN, please pay a visit to the company’s web page at www.jeld-wen.com.
About JELD-WEN Holding, Inc.
Headquartered in Charlotte, N.C., JELD-WEN is a top worldwide manufacturer of higher-functionality interior and exterior creating goods, providing one particular of the broadest selections of windows, interior and exterior doors, and wall systems. JELD-WEN delivers a differentiated buyer expertise, giving building pros with tough, power-effective goods and labor-saving solutions that assist them maximize productivity and build stunning, safe spaces for all to get pleasure from. The JELD-WEN group is committed to making protected, sustainable environments for consumers, associates and nearby communities. The JELD-WEN family members of brands involves JELD-WEN® worldwide LaCantina™ and VPI™ in North America Swedoor® and DANA® in Europe and Corinthian®, Stegbar® and Breezway® in Australia.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a worldwide investment firm with about $47 billion of assets beneath management and a portfolio of about 50 operating businesses that serve consumers about the globe. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked tactic it calls M&A&O® – acquiring and operating businesses in a broad variety of enterprise markets, such as manufacturing, distribution, transportation and logistics, gear rental, metals solutions, media and entertainment, technologies, telecommunications and other industries. More than the previous 27 years Platinum Equity has completed additional than 350 acquisitions.
Forward Seeking Statements
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1 Primarily based on AUD/USD FX price of .67 as of April 17, 2023
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