Janus International Group, Inc., 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, 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, Janus 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 ratio* 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.
“We are very pleased to welcome Kiwi II to the Janus family, which we believe will expand and strengthen Janus’s building solutions capabilities,” said Ramey Jackson, Janus’s Chief Executive Officer. “Kiwi II is well-known for its premium customer service and closely aligns with our core business at Janus. With Wayne Woolsey, Kiwi II Chief Executive Officer, joining our team, we’ve added one of the most well-respected and experienced leaders in the industry to our team. 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,” said Wayne Woolsey, Chief Executive Officer of Kiwi II.
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. Massumi + Consoli LLP served as legal advisor to Janus.
About Janus International Group
Janus International Group, Inc. (www.JanusIntl.com) is a leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions, including: selfstorage buildings, roll-up and swing doors, commercial and rolling steel doors, hallway systems, relocatable storage units and smart security and locking technologies. The Janus team operates out of several U.S. and international locations.
About Kiwi II Construction
Kiwi II Construction (www.kiwiconstruction.com) serves both the self-storage and pre-engineered building industries with multi-story and single-story self-storage buildings, RV buildings, flex buildings, and pre-engineered buildings constructed entirely from metal or steel components. From the beginning of the design phase through project completion, the Kiwi II team helps customers complete projects on schedule and on budget.
*The net leverage ratio is the ratio of the Company’s consolidated senior secured indebtedness reduced by cash to the Company’s trailing four-quarter consolidated adjusted EBITDA. Net leverage ratio and adjusted EBITDA are Non-GAAP financial measures. Refer to the Company’s filings with the SEC for more information about such NonGAAP financial measures and a reconciliation to the most directly related GAAP financial measure.
Janus has excluded a quantitative reconciliation of the net leverage ratio with respect to its long-term target range under the “unreasonable efforts” exception in Item 10(e)(1)(i)(B) of Regulation S-K.