LOS ANGELES, July 2, 2023 /PRNewswire/ — Platinum Equity announced today that the acquisition of the JELD-WEN Australasia windows, doors and related building products business from JELD-WEN Holding, Inc. for approximately $461 million has been completed.

“We are pleased to have provided a divestiture solution to JELD-WEN as the company continues to streamline and simplify its business,” said Platinum Equity Co-President Louis Samson. “Platinum has decades of experience with corporate carve outs and we expect a seamless transition. We are excited about the prospects for the Australasia business as a standalone company.”

JELD-WEN’s Australasia business is a leading Australian designer, manufacturer and distributor of windows and doors. It employs approximately 5,000 people and comprises 41 manufacturing locations across Australia, Malaysia and Indonesia. Its iconic brands include Corinthian®, Stegbar®, A&L®, Trend® and Breezway®, among others.

A process is underway to create a new corporate umbrella brand for the standalone enterprise.

Scott Kelly, who has been with JELD-WEN in Australia for the past 10 years, will continue leading the business as CEO going forward.

“This is an exciting new chapter for our brands and our people,” said Kelly. “We are looking forward to accelerating our innovation program with Platinum Equity and expanding the value we add for our customers and homeowners.”

Several of the business’s brands are leaders in the production and innovation of double glazed and thermally broken windows and doors, which are important tools for increasing total home energy efficiency. 

Platinum Equity Managing Director Adam Cooper said those products, in particular, are expected to see strong demand even as the housing market in Australia moves through its current cycle.

“New regulations are coming into effect in Australia requiring improved energy performance in homes, and consumers increasingly appreciate the benefits of energy efficient products,” said…