Sydney’s Allegro Funds has snuck into the second round of doors and window maker Jeld-Wen Australia’s auction, putting it on a collision course with some bigger buyout funds.
Allegro Funds is understood to have started second stage due diligence and is working through the ample data room materials with a view to putting a re-confirmation bid to US headquartered Jeld-Wen and its adviser Macquarie Capital next month.Erin Jonasson
Allegro Funds’ interest is a bit of a surprise. While the group loves a corporate carve out and has made plenty of money in carve outs for investors, Jeld-Wen’s a bit bigger than your traditional Allegro Funds investment. Jeld-Wen’s making about $100 million a year at the EBITDA line, with early expectations of a sale price in the $500 million to $1 billion range.
Allegro Funds Fund IV, its newly raised vehicle, was worth $750 million. Assuming it would want to make about half a dozen investments from the fund, it would suggest cheques worth about $150 million.So you’d have to think Allegro’s assessing towing a co-investor or two into the deal, should it progress through the auction.
Allegro Funds is one of a small handful of bidders known to be into the auction’s second stage. Jeld-Wen and its adviser Macquarie Capital also tapped the likes of BGH Capital, Blackstone and Japan’s Sumitomo,
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