Janus International Acquires Kiwi II Construction for $97.2M
Janus International announced its asset acquisition of Kiwi II Construction, a 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, the company said. As consideration for the asset acquisition, the company paid approximately $97.2M 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 ratio is expected to remain within the stated long-term target range of 2.0x to 3.0x. Janus entered the self-storage building space in 2019 with the acquisition of BETCO, Inc., a leading innovator in engineering, design, manufacturing, and construction of self-storage buildings. At present, both Kiwi II and BETCO, Inc. will continue to operate under their own brand names.
