Australia's Crescent exits Breezway to US trade buyer
Crescent Capital Partners sold Breezway, an Australian manufacturer of louvre windows for residential and commercial buildings, to US-based industry counterpart Jeld-Wen Holding.
The private equity firm initially sought to list Breezway under the ArcPac Building Products umbrella alongside garage door manufacturer Steel-Line Group and interior panels supplier Prime Panels. However, the offering was abandoned in May, reportedly due to concerns about investment demand. An IPO was also attempted in 2014.
Founded in 1947, Breezway is the domestic leader in the louvre windows space and also sells products in overseas markets. It has a R&D center in Brisbane, plus an on-the-ground presence in five other Australian cities as well as in New Zealand, Hawaii and Malaysia.
"Like Jeld-Wen, Breezway has a long history of innovation," said Peter Farmakis, executive vice president and president of Jeld-Wen Australia, in a statement. "It's a perfect fit for our focus on elevating the design and style that windows bring to beautiful spaces."
The US company is one of the world's largest manufacturers of doors and windows, operating in 19 countries with production facilities located primarily in North America, Europe and Australia. It employs approximately 20,000 people globally.
Crescent, which closed its fifth fund in late 2014 at the hard cap of A$675 million ($510 million), is one of several middle-market GPs in Australia and New Zealand that pursue roll-up opportunities in particular sectors. Previous investments in the building materials space include Metro Performance Glass, which went public in New Zealand in 2014.
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