Clearlake-backed Janus International to merge with SPAC

Dec 22 (Reuters) – Metal windows and doors maker Janus International Group LLC, backed by private equity firm Clearlake Capital, said on Tuesday it is merging with a blank-check company Inc.

The combined entity will be valued at $1.9 billion including debt, and will list on the NYSE after close of the deal.

Juniper, a special purpose acquisition company (SPAC) had raised $345 million in its initial public offering in 2019.

A SPAC is a shell company which raises funds in an IPO with the aim of acquiring a private company, which then becomes public as result of the merger.

SPACs have emerged as of ’s most popular investment vehicles in 2020, with over 200 SPACs raising more than $70 billion so far this year, according to SPAC Research.

Juniper will fund the deal by $348 million and an additional $250 million will come from investors that include Baron Capital Group and Fidelity Management & Research Co., and members of Juniper’s board including Cote, former chairman and CEO of Honeywell.

Existing Janus shareholders including Clearlake are expected to own about 51% of the merged company, while Juniper founders are expected to own about 5%.

Bloomberg first reported the news on Monday. (Reporting by Rachit Vats in Bengaluru; Editing by Shailesh Kuber)

Source: Reuters – Clearlake-backed Janus International to merge with SPAC