Auctioneer Macquarie Capital ushered parties through to the auction’s second and binding bid phase in the past week, opening the virtual data room and booking them for meetings with local management.Australian buyout firm BGH Capital and US giant Blackstone - looking via its private equity team - are understood to be into the second round, both keen to pounce on US listed Jeld-Wen’s abandoned local subsidiary.
Japan’s Sumitomo, a player in Australia’s housing market, is also understood to have made the cut, while some suspect it may be joined in round two by fellow Japanese group Mitsui.Bankers are circling the contenders for buy-side mandates, with appointments expected to be formalised in coming weeks. The PE firms are gunning hard, realising that there’s a potential chance to get ahead of the auction should diligence be done and a big bid be finalised in time for the confirmation date., and the owner of big residential doors and windows brands including Corinthian, Stegbar and Breezway.
Adjusted EBITDA was $US71.4m , up from $US62.4 million, with the business running at a reasonably stable 12 per cent margin. The locally filed accounts said Jeld-Wen Australia reported $44.5 million profit after tax last year.