Platinum Equity, a global investment firm, announced that the acquisition of the Jeld-Wen Australasia windows, doors and related building products business from Jeld-Wen Holding, Inc. for approximately $461 million has been completed.
"The closing of this transaction represents a significant milestone in our strategy to simplify and streamline the company while maximizing shareholder value," said Jeld-Wen CEO William J. Christensen. "The sale of the Australasia business enables us to focus on our two largest and core regions, North America and Europe, and to strengthen our balance sheet."
The transaction generated net proceeds of approximately $446 million for Jeld-Wen and the company plans to use the funds to repay debt. Excluding the Australasia business, Jeld-Wen's 2022 net revenue was $4.5 billion, and the North America and Europe segments contributed 72% and 28% respectively.
Macquarie Capital served as financial adviser to Jeld-Wen, and Herbert Smith Freehills served as legal counsel. Gresham Advisory Partners served as financial adviser to Platinum Equity, and Allens served as legal counsel.
Jeld-Wen Holding, Inc. is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors.
