JELD-WEN announces sale of Australasia business

by | May 2, 2023

Jeld-Wen Windows & Doors logoJELD-WEN Holding Incorporation is a leading global manufacturer of building products which announced on April 17 that it has completed its comprehensive review of strategic alternatives for its Australasian business.

The business has entered a definitive sale agreement with Platinum Equity to sell 11 per cent of the business for approximately 688 million Australian dollars, before tax and subject to certain adjustments. JELD-WEN anticipates there will be minimal tax leakage associated with the transaction.

“The announcement marks continued execution against our strategy to streamline and simplify our business and maximize shareholder value,” said William J. Christensen, JELD-WEN Chief Executive Officer.

“I want to personally thank our Australasia team for their hard work and dedication to serving customers. We look forward to working with Platinum on executing a seamless transition for the business.”

Platinum Equity Co-President Louis Samson and Platinum Equity Managing Director Adam Cooper said in a joint statement, “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 maximise their potential.”

“With our experience in Australia, our 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. This investment is right in our wheelhouse.”

JELD-WEN’s Australasia business represents approximately 11 per cent of the company’s global revenues and is the leading Australian designer, manufacturer and distributor of windows and doors. It employs roughly 5000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia. Its notable brands include Corinthian, Stegbar and Breezway, among many others.

The transaction is expected to close in the third quarter of 2023, subject to certain closing conditions and regulatory approvals. JELD-WEN intends to use the majority of the proceeds from the transaction to pay down debt.