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 Juniper Industrial Holdings 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.
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 Dave Cote, former chairman and CEO of Honeywell.
Source: Reuters – Clearlake-backed Janus International to merge with SPAC