Door and Window Maker Jeld-Wen Files for IPO
June 01 2016 - 9:10PM
Dow Jones News
Jeld-Wen Holding Inc., a door and window maker that has
completed several recent acquisitions, has filed for an initial
public offering.
Canadian private-equity firm Onex Corp. bought a 58% stake in
Jeld-Wen for $700 million in 2011. The Wall Street Journal reported
in August that Jeld-Wen was working on an IPO that could value the
company as high as $4 billion.
Charlotte, N.C.-based Jeld-Wen posted a $90.9 million profit
last year, after several years of net losses, according to the
filing. Revenue in 2015 was $3.38 billion, down from $3.51 billion
the previous year.
During and after the financial crisis, lower demand and a
competitive environment hurt revenue and led to unfavorable pricing
trends, the company said. In early 2014, Jeld-Wen changed its
pricing strategy in several areas, which led to improvement in 2014
and 2015.
Jeld-Wen's recent purchases include Dooria, a door manufacturer
serving Sweden and Norway; LaCantina Doors, a California-based door
systems company; and Aneeta, an Australian maker of sashless window
systems.
Jeld-Wen filed to offer $100 million, but that is a placeholder
amount likely to change. Underwriters include Barclays, Citigroup,
Credit Suisse and J.P. Morgan.
The IPO market has suffered from broader market uncertainty this
year. The first quarter was the slowest for U.S.-listed IPOs since
2009. However, the debuts of BATS Global Markets Inc. and US Foods
Holding Corp. have been considered signs of improvement.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 01, 2016 20:55 ET (00:55 GMT)
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