ManufacturerJanus International Group LLC, backed by private equity firmClearlake Capital, is merging with a blank-check company, according to people with knowledge of the matter.
Janus, which makes doors and gates for self-storage facilities, will combine with a special purpose acquisition company, or SPAC, calledJuniper Industrial Holdings Inc., the people said, asking not to be identified because the information is private. The combined entity will be valued at $1.9 billion including debt, they said.
The transaction will be partly funded by $348 million from Juniper, which held its initial public offering last year. The deal will also rely on an additional $250 million investment backed by investors including Baron Capital Group and Fidelity Management & Research Co., as well as by members of Juniper’s board, the people said.
Existing Janus shareholders including Clearlake are expected to own about 51% of the merged company, while Juniper founders are expected to own approximately 5%, according to the people.
Representatives for Janus, based in Temple, Georgia, and for Clearlake and Juniper declined to comment.
Clearlake acquired Janus in 2018, according to astatement at the time that didn’t disclose terms of the deal. Janus Chief Executive Officer Ramey Jackson will continue to lead the company.
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