Door and Window Maker Jeld-Wen Files for IPO

Jeld-Wen Holding Inc., a door and window maker that has completed several recent acquisitions, has filed for an initial public offering.

Canadian private-equity firm Onex Corp. bought a 58% stake in Jeld-Wen for $700 million in 2011. The Wall Street Journal reported in August that Jeld-Wen was working on an IPO that could value the company as high as $4 billion.

Charlotte, N.C.-based Jeld-Wen posted a $90.9 million profit last year, after several years of net losses, according to the filing. Revenue in 2015 was $3.38 billion, down from $3.51 billion the previous year.

During and after the financial crisis, lower demand and a competitive environment hurt revenue and led to unfavorable pricing trends, the company said. In early 2014, Jeld-Wen changed its pricing strategy in several areas, which led to improvement in 2014 and 2015.

Jeld-Wen's recent purchases include Dooria, a door manufacturer serving Sweden and Norway; LaCantina Doors, a California-based door systems company; and Aneeta, an Australian maker of sashless window systems.

Jeld-Wen filed to offer $100 million, but that is a placeholder amount likely to change. Underwriters include Barclays, Citigroup, Credit Suisse and J.P. Morgan.

The IPO market has suffered from broader market uncertainty this year. The first quarter was the slowest for U.S.-listed IPOs since 2009. However, the debuts of BATS Global Markets Inc. and US Foods Holding Corp. have been considered signs of improvement.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

June 01, 2016 20:55 ET (00:55 GMT)

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