Jeld-Wen, a leading global manufacturer of building products, announced on April 17, 2023 that it had entered into a definitive sale agreement with Platinum Equity to sell 100% of its Australasia business for approximately $688 million Australian dollars (or approximately US$461 million). The transaction was completed on July 2, 2023.
Jeld-Wen’s Australasia business includes manufacturing and distribution operations in Australia, New Zealand, and New Caledonia. The business generated approximately $1.2 billion in revenue in 2022.
The sale of the Australasia business is part of Jeld-Wen’s strategy to simplify and streamline its operations. The company plans to focus on its two largest and core regions, North America and Europe. The proceeds from the sale will be used to repay debt and invest in growth opportunities in these core regions.
Platinum Equity is a global investment firm that specializes in the acquisition and management of middle-market companies. The firm has a long history of success in the building products industry, and it plans to invest in Jeld-Wen’s Australasia business to grow its market share and expand its product offerings.
The sale of Jeld-Wen’s Australasia business is a significant milestone for the company. It marks the end of an era for the business, which has been a part of Jeld-Wen for over 20 years. However, it also represents a new beginning for the business, as it enters into a new ownership with a strong track record of success.
Here are some additional details about the sale:
- The buyer, Platinum Equity, is a global investment firm with a focus on the middle market.
- The sale price was approximately $688 million Australian dollars (or approximately US$461 million).
- The sale was completed on July 2, 2023.
- The sale is part of Jeld-Wen’s strategy to simplify and streamline its operations.
- The proceeds from the sale will be used to repay debt and invest in growth opportunities in Jeld-Wen’s core regions.
- Platinum Equity plans to invest in Jeld-Wen’s Australasia business to grow its market share and expand its product offerings.
You can read the official announcement by Jeld-Wen here.
