Janus International Group, a supplier of building product solutions and access control technologies for the self-storage market and other commercial and industrial end markets, said it has completed an asset acquisition of Kiwi II Construction, a provider of self-storage and pre-engineered buildings.
Janus paid approximately $97.2 million in cash for the assets, which the company said reflects an implied transaction multiple of about 5x adjusted EBITDA, including expected annualized full-year synergies and anticipated tax savings. Following the transaction, Janus said its net leverage ratio is expected to remain within its stated long-term target range of 2.0x to 3.0x.
Kiwi II, founded in 1982 and headquartered in Temecula, California, designs, value engineers, bids, supplies building materials and installs steel buildings for the self-storage industry. The company’s offerings include single-story and multi-story facilities, boat and RV storage, climate-controlled structures, and custom buildings. Janus said Kiwi II’s net sales are expected to be about $90.0 million in fiscal 2025.
Janus said the acquisition is intended to broaden its product and service set for self-storage owner-operators while strengthening its capabilities for self-storage general contractors across North America. Kiwi II’s existing chief executive officer and chief operating officer will remain with the business, according to the company.
Janus entered the self-storage building space in 2019 through the acquisition of BETCO. The company said both Kiwi II and BETCO will continue operating under their existing brand names following the deal. Massumi + Consoli LLP served as legal advisor to Janus.
KEY QUOTES:
“We are very pleased to welcome Kiwi II to the Janus family, which we believe will expand and strengthen Janus’s building solutions capabilities. 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.”
Ramey Jackson, Chief Executive Officer, Janus International Group
“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.”
Wayne Woolsey, Chief Executive Officer, Kiwi II Construction
