Los Angeles-based buyout group Platinum Equity is up against an old sparring partner in the auction for Australia’s biggest windows and doors maker.
. Allegro’s also just about completed due diligence and is expected to lob a bid to Jeld-Wen and its advisers Macquarie Capital and Herbert Smith Freehills this week.Jeld-Wen set out to try to get $1 billion bids late last year. The Australasian business reported $US590 million revenue from external customers in the year to December 31, 2021, up from $US518.9 million in 2020,Adjusted EBITDA was $US71.4m , up from $US62.
In terms of valuation, analysts reckon it likely lays somewhere between market darling Reece and CSR and GWA Group, both at 6 to 8 times. There’s also the property portfolio to potentially juice up the purchase price. Jeld-Wen Australia Pty Ltd had 33 Australian properties on its books at the end of 2021, and two each of Indonesia and Malaysia. The land and buildings were valued at about $105 million in December 2021, while the combined property plant and equipment was in the accounts for $177.6 million.
The Charlotte, North Carolina-based Jeld-Wen Holding is due to reports its December quarter and 2022 full-year results on February 21. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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