United States private equity giant Platinum has bought the Australasian arm of Jeld-Wen for $688 million. It makes windows, doors and shower screens under brands like Stegbar, Corinthian and Trend.
Platinum managing director Adam Cooper says the group has expertise in carving out assets from bigger players and turning them into strong stand-alone companies.
Jeld-Wen, which is listed on the New York Stock Exchange, generated about 11 per cent of its global revenues from the Australasian business, which faces a tougher time as interest rates rise.
The private equity firm that has bought out the Australasian owners of windows, doors and shower screen brands including Stegbar, Corinthian, Trend and Breezway, expects the company to keep performing solidly in a housing downturn.
Global private equity group Platinum Equity on Tuesday acquired the Australasian business of Jeld-Wenfor $688 million in a sale process run by Macquarie Capital which began in late September.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
