Janus International Group, Inc. entered into a definitive agreement to acquire Doors & Building Components Inc. from Cornerstone Building Brands, Inc. for approximately $170 million.

Janus International Group, Inc. (NYSE:JBI) entered into a definitive agreement to acquire Doors & Building Components Inc. from Cornerstone Building Brands, Inc. (NYSE:CNR) for approximately $170 million on July 27, 2021. The consideration to be paid is $168 million, subject to customary adjustments. Under the terms of the agreement, Cornerstone Building Brands will sell three manufacturing operations and one sales office.

Approximately 240 employees will be transferred from Cornerstone Building Brands to Janus. For the trailing twelve months ended April 3, 2021, DBCI generated approximately $85 million from sales. During the same period, DBCI generated adjusted EBITDA of $14 million.

Cornerstone Building Brands expects post-tax transaction proceeds of approximately $125 million will be used to pay down a portion of its secured credit facilities, to invest in organic growth and efficiency projects, and in strategic acquisitions. The transaction is subject to certain customary closing conditions, regulatory approval and is scheduled to close during the third quarter of 2021. As of August 4, 2021, the transaction is expected to close in the second-half of 2021.

The acquisition will begin to contribute positively to results. Luke Guerra, Aisha Lavinier, Brian Ford, Paul Rezvani, Josh McLane, Anne Kim, Matthew Lovell, Stefanie Gitler, Rohit Nafday, Michael Schulman, Jack Bernstein, Roberto Miceli, Sanjay Mullick, Carla A. R. Hine, and Sherrie Hollinger of Kirkland & Ellis acted as legal advisors to Janus International Group. Paul Bird, Chris Anthony, Jeffrey Ross, J. Michael Snypes Jr., Peter Furci, Henry Lebowitz, Kyra Bromley and Stuart Hammer of Debevoise & Plimpton LLP acted as legal advisors for Cornerstone Building Brands, Inc.