CHARLOTTE, N.C.--(BUSINESS WIRE)--
JELD-WEN Holding, Inc. (NYSE:JELD) has signed a definitive agreement to
acquire VPI Quality Windows, Inc. (“VPI”). VPI is a market-leading vinyl
window manufacturer specializing in customized solutions for mid-rise
multi-family, institutional, hospitality and commercial projects,
primarily in the western United States. VPI has earned a reputation as a
preferred supplier of windows for the multi-family market through a
relentless focus on quality, service and superior product performance.
“VPI will provide JELD-WEN with a foundation for growth in the
multi-family window market, providing us with a premier product and
brand in the segment. We believe that VPI’s capabilities and service
model, combined with JELD-WEN’s national distribution footprint, will
provide significant growth potential,” said Gary Michel, president and
chief executive officer. “The acquisition of VPI extends our successful
M&A track record and demonstrates our disciplined and balanced approach
to capital allocation.”
JELD-WEN expects the transaction to close late in the first quarter of
2019, subject to customary closing conditions. Terms of the acquisition
were not disclosed.
JELD-WEN expects VPI to add approximately $60 million in annualized
revenue and that the acquisition will be immediately accretive to both
adjusted EPS and adjusted EBITDA margins.
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door and window
manufacturers, operating manufacturing facilities in 20 countries
located primarily in North America, Europe and Australia. Headquartered
in Charlotte, N.C., JELD-WEN 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 non-residential buildings.
JELD-WEN is a recognized leader in manufacturing energy-efficient
products and has been an ENERGY STAR® Partner since 1998. Our products
are marketed 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.
Forward-Looking Statements
Certain of the statements in this press release constitute
“forward-looking statements” within the meaning of the U. S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
generally identified by our use of words such as “anticipate”,
“believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”,
“might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the
negative thereof or other variations thereon or comparable terminology.
Forward-looking statements regarding market potential, future financial
performance, and our expectations, beliefs, plans, assumptions, or other
future events are made based on management’s current expectations,
assumptions, estimates, projections, and beliefs concerning future
developments and their potential effects upon JELD-WEN and its
subsidiaries. Although we believe that these statements are based on
reasonable expectations and estimates, they are not a guarantee of
future performance and involve known and unknown risks and
uncertainties, many of which are beyond our control, that could cause
actual outcomes and results to differ, possibly materially, from those
indicated in such statements, including those discussed in our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the
U.S. Securities and Exchange Commission. You should not place undue
reliance on forward-looking statements included in this release, which
speak only as of the date they are made. We do not undertake to update
or revise any forward-looking statement, except as required by law.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190304005284/en/
Investor Relations: Christopher Teachout, +1.704.378.7007 or investors@jeldwen.com
Media
Relations: Chris Benware, JELD-WEN@cmdagency.com
Source: JELD-WEN Holding, Inc.