Jeld-Wen Holding has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company has yet to decide on which exchange to list its shares.
The underwriters for the offering were Barclays, Citigroup, Credit Suisse and JPMorgan.
This is one of the world’s largest door and window manufacturers, and it holds the number one position by net revenues in the majority of the countries and markets that it serves. The company designs, produces and distributes an extensive range of interior and exterior doors; wood, vinyl and aluminum windows; and related products for use in the new construction and repair and remodeling, of residential homes and, to a lesser extent, nonresidential buildings.
Jeld-Wen attributes its market leadership to well-established brands, broad product offering, world-class manufacturing and distribution capabilities, and long-standing customer relationships. The company’s goal is to achieve best-in-industry financial performance through the rigorous execution of strategies to reduce costs and improve quality through the implementation of operational excellence programs, drive profitable organic growth, pursue strategic acquisitions and develop top talent.
The company markets its products globally under the Jeld-Wen brand, along with several market-leading regional brands such as Swedoor and DANA in Europe and Corinthian, Stegbar and Trend in Australia. Customers include wholesale distributors and retailers as well as individual contractors and consumers.
In the filing, Jeld-Wen described its finances as follows:
In the twelve month period ended March 26, 2016, our net revenues were $3.4 billion, our net income was $98.0 million, and our Adjusted EBITDA was $327.1 million. Adjusted EBITDA has increased by $173.9 million, or 113.5%, and net income has increased by $166.4 million from the year ended December 31, 2013 to the twelve month period ended March 26, 2016.
The company intends to use the net proceeds from this offering for working capital and general corporate purposes.
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