Janus International Group Inc., a global manufacturer and supplier of building solutions and access-control technology for the self-storage industry, has acquired Kiwi II Construction Inc., a provider of self-storage and pre-engineered buildings, for $97.2 million in cash. Kiwi CEO Wayne Woolsey and Chief Operating Officer Brian Foley will remain with the business, according to a press release.
The acquisition will allow Janus to offer a more comprehensive suite of products and services to self-storage owners and enhance its services for general contractors. The purchase price reflects an approximate five-times transaction multiple of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), including expected annualized full-year synergies and anticipated tax-savings. Post acquisition, Janus’s net-leverage ratio is expected to remain within the stated long-term target range of two to three times.
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Founded in 1982 and headquartered in Temecula, California, Kiwi II designs, value engineers, supplies materials and installs steel buildings for the self-storage industry including single- and multi-story structures, boat and RV storage, climate-controlled buildings, and custom and flex buildings. Kiwi’s net sales were expected to be approximately $90 million in fiscal 2025.
“We are very pleased to welcome Kiwi II to the Janus family, which we believe will expand and strengthen Janus’ building-solutions capabilities,” said Janus CEO Ramey Jackson. “Kiwi II is well-known for its premium customer service and closely aligns with our core business at Janus. With Wayne Woolsey joining our team, we’ve added one of the most well-respected and experienced leaders in the industry. We believe that the acquisition of Kiwi II will enhance our ability to continue to serve and support our customers with high-quality products and solutions to help them develop and redevelop more efficiently.”
“We’re very excited to join the Janus team. The quality of their products, scope of their offering and their expertise in the self-storage industry are second to none. We believe that this will allow us to continue to grow our building services throughout North America,” Woolsey said.
Janus entered the self-storage building space in 2019 with the acquisition of BETCO Inc., a provider of engineering, design, manufacturing and construction of self-storage buildings. At present, both BETCO and Kiwi II will continue to operate under their own brand names.
Law firm Massumi + Consoli LLP served as legal advisor to Janus in the transaction.
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Janus is a global manufacturer and supplier of turnkey self-storage, commercial and industrial building solutions. The company offers roll-up and swing doors, hallway systems, relocatable storage units, and facility- and door-automation technologies.
Source: Business Wire, Janus International Group Acquires Kiwi II Construction
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