Platinum Equity to buy JELD-WEN’s Australasia business for $461m

• Based in Charlotte, North Carolina, JELD-WEN is a maker of building products
• JELD-WEN’s Australasia business employs roughly 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia
• Macquarie Capital is serving as financial advisor to JELD-WEN while Gresham Advisory Partners is serving as financial advisor to Platinum Equity

Platinum Equity has agreed to acquire JELD-WEN Holding Inc’s Australasia business for A$688 million (or $461 million).

Based in Charlotte, North Carolina, JELD-WEN is a maker of building products.

On the deal, 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 maximize 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 employs roughly 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia.

The transaction is expected to close in the third quarter of 2023.

JELD-WEN plans to use the majority of the proceeds from the transaction to pay down debt.

Macquarie Capital is serving as financial adviser to JELD-WEN, and Herbert Smith Freehills is serving as legal counsel. Gresham Advisory Partners is serving as financial adviser to Platinum Equity, and Allens is serving as legal counsel.

Founded in 1995 by Tom Gores, Platinum Equity has about $47 billion of assets under management.