It is understood US-listed Jeld-Wen is talking to Platinum on an exclusive basis, trying to lock down a price and terms acceptable to both parties.
While the deal’s yet to be agreed, the exclusive talks are a pretty good sign Platinum has seen off rival contenders for the unit, including Australia’s Allegro Funds, to be homing in on a deal.Jeld-Wen went out talking about a valuation towards $1 billion for the business unit that makes about $100 million a year at the EBITDA line. It had its bankers kick off the auction in the second half of last year.
It would be a big acquisition for Platinum in Australia. The LA firm doesn’t have an Australian office, but pops up in local auctions every year or so, targeting corporate carve-outs which is its specialty globally.
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