Investing behind infrastructure: Clearlake’s Janus unveils $1.9bn SPAC merger, Sun Capital-spinout Lincoln Road Global Management launches Landmark Paving

Clearlake-backed Janus International agrees to merge with Juniper Industrial Holdings and Sun Capital spinout Lincoln Road forms Landmark Paving.

Morning!

Santa Monica’s Clearlake Capital is joining the flurry of private equity firms taking their portfolio companies public through the SPAC route.

Janus International, a manufacturer of building products and provider of solutions for the self-storage and industrial sectors, has agreed to merge with Juniper Industrial Holdings. Janus will be listed on the NYSE upon closing of the transaction, following which Clearlake – almost three years into its investment – will remain the largest shareholder.

Janus seems a logical pick for Juniper Industrial Holdings, a SPAC founded by experienced dealmakers and veterans of the industrials sector. Founders Roger Fradin and Brian Cook are the former CEO and global Head of M&A at Honeywell, respectively.

At closing, the SPAC merger is set to assign Janus a pro forma implied enterprise value of approximately $1.9 billion, or 11.9 times calendar year 2021 estimated adjusted EBITDA.

Read more on the Janus transaction on PE Hub.

Elsewhere, Sun Capital Partners spinout Lincoln Road Global Management has formed what marks the emerging manager’s second platform investment to date, finding opportunity to support the smaller-scale parking and infrastructure needs of major big-box retailers and other commercial businesses.

“[Landmark] is not focused on the larger infrastructure projects – it’s the parking lots and the local municipal jobs like school zones and the like,” said Lincoln Road managing partner Jeff Magny, who founded the Miami PE firm in 2015 after about nine years at Sun Capital. “The larger players don’t dip into our sandbox, so it allows for us to maintain our competitive standing.”

Lincoln Road’s investment in Republic Fire Protection, its inaugural platform, was made in July 2018.

“Similar to [Republic Fire Protection] being an early first mover, we saw a similar opportunity in the parking lot maintenance space,” Magny said. “There really isn’t any defined platform in the Southeast and the industry is ripe for consolidation with many mom-and-pops.”

Read my full story on PE Hub.

That’s it for me! If you’ve got any big news to share before you call it quits for 2020, write to me at springle@buyoutsinsider.com or find me on LinkedIn.

Note to Readers: It’s that time of year … for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

Winners are chosen in seven categories: Deal of the Year, Large-Market Deal of the Year, Middle-Market Deal of the Year, Small-Market Deal of the Year, Turnaround of the Year, International Deal of the Year, and Secondaries Deal of the Year.

Go here for more information and to read about rules and methodology. Also check out past winners. Last year, New Mountain took the crown with its exit of Equian.

If you have additional questions, email Private Equity Editor Chris Witkowsky at cwitkowsky@buyoutsinsider.com.