Janus International Group Acquires Kiwi II Construction For ~$97.2M In Cash

Janus International Group, Inc. (NYSE:JBI) ("Janus" or the "Company"), a leading provider of building product solutions and cutting-edge access control technologies for the self-storage and other commercial and industrial sectors, today announced its asset acquisition of Kiwi II Construction ("Kiwi II"), a premier self-storage and pre-engineered buildings provider. The acquisition will allow Janus to offer a more comprehensive suite of products and services to self-storage owner-operators and enhance its services for self-storage general contractors, representing another step forward in Janus's ongoing commitment to provide a comprehensive suite of self-storage building solutions throughout North America.

As consideration for the asset acquisition, the Company paid approximately $97.2 million in cash. This reflects an approximate 5x transaction multiple of adjusted EBITDA, including expected annualized full-year synergies and anticipated tax-savings. Post acquisition, Janus's net leverage ratio1 is expected to remain within the stated long-term target range of 2.0x to 3.0x.

Headquartered in Temecula, California, and founded in 1982, Kiwi II designs, value engineers, bids, supplies building materials, and installs steel buildings for the self-storage industry, including single-story, multi-story, boat/RV storage, climate-controlled, and custom buildings. Kiwi II's net sales are expected to be approximately $90.0 million in fiscal 2025. Following the acquisition, the existing Chief Executive Officer and Chief Operating Officer of Kiwi II will remain with the business.