JELD-WEN Inc, a maker of windows and doors, has acquired Karona Inc, a manufacturer of specialty stile and rail doors based in Caledonia, Michigan. The financial terms of the deal were not published. JELD-WEN, which has its headquarters in Charlotte, North Carolina, said the acquisition, the company’s third in a month, will strengthen its position in Karona’s market space. JELD-WEN was acquired by Canadian private equity firm Onex Corp in October 2011. Last month, JELD-WEN was reported to be considering the launch of an initial public offering that would value it at about US$4 billion.
JELD-WEN Acquires Karona Inc.
Third Acquisition in a Month Marks Period of Strong Growth for the Company
CHARLOTTE, NC–(Marketwired – Sep 10, 2015) – JELD-WEN, the world’s largest manufacturer of windows and doors, announced today that it has acquired Karona Inc. (“Karona”), a manufacturer of specialty stile and rail doors based in Caledonia, Michigan. Terms of the acquisition were not disclosed.
The acquisition strengthens JELD-WEN’s position in the North America specialty stile and rail (wood) door market, and signifies a period of rapid growth for the company globally. Karona, a 35-year-old company known for its high quality and technical capabilities, offers a complete range of stile and rail doors, including interior, exterior and fire-rated doors for both the residential and commercial markets. Karona will become part of JELD-WEN’s extensive North American doors business unit.
The purchase of Karona is among a series of recent acquisitions for JELD-WEN. In the past few weeks, the company announced the acquisition of Dooria, a leading provider of residential and commercial wood doors in the Swedish and Norwegian markets, and Aneeta, a manufacturer of sashless window systems in Australia.
“Innovation and expanding our market leadership position are top priorities for us, very much in alignment with our mission to offer the most complete depth and breadth of product in the industry,” said Lennie Rhoades, JELD-WEN senior vice president of doors. “The acquisition of Karona is an excellent fit and increases our capabilities and product offerings in the specialty stile and rail market in North America.”
JELD-WEN — a leading global manufacturer of windows, doors, and treated composite trim and panels — operates in more than 20 countries with $3.5 billion in revenue, half of which comes from outside the United States. Headquartered in Charlotte, N.C., the company provides products that enhance the beauty and functionality of homes and commercial buildings. JELD-WEN’s full breadth of products has earned numerous awards and endorsements for dependability, innovation and excellence — providing solutions that deliver exceptional value for builders, architects and homeowners around the world. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. For more information about JELD-WEN, or to find a dealer, visit www.jeld-wen.com or call 800-877-9482.
CMD on behalf of JELD-WEN (U.S.)
Photo courtesy of Karona Inc