Janus International Group announced the acquisition of Kiwi II Construction for $97.2 million in cash, valuing the company at roughly 5× its adjusted EBITDA and adding an estimated $90 million in annual sales to Janus’s North American operations.
The deal expands Janus’s product portfolio by adding Kiwi II’s design, value‑engineering, and steel‑building construction capabilities. It complements the company’s existing BETCO acquisition and positions Janus as a full‑service provider for the self‑storage market, offering a broader suite of solutions to owner‑operators and general contractors.
Janus’s Q3 2025 results showed a 4.7% decline in revenue year‑over‑year, but net income rose 28.8% and adjusted EBITDA increased 1.2%. The $90 million sales addition is expected to improve the revenue mix and margin profile, while the cash‑only transaction keeps the net leverage ratio within the 2.0×‑3.0× target range, preserving the company’s strong balance sheet and credit rating.
Kiwi II, founded in 1982 and headquartered in Temecula, California, specializes in single‑story, multi‑story, boat/RV, climate‑controlled, and custom steel buildings for the self‑storage industry. Its 5× multiple reflects an adjusted EBITDA of approximately $19.4 million, and the transaction is expected to generate synergies and tax savings that enhance the overall valuation.
Management emphasized the strategic fit: CEO Ramey Jackson said the acquisition “strengthens Janus’s building solutions capabilities” and that retaining Kiwi II’s CEO, Wayne Woolsey, on the executive team brings respected leadership. Woolsey highlighted the quality of Janus’s products and the opportunity to grow building services across North America.
Janus shares rose 2.4% in after‑hours trading, reflecting investor confidence in the strategic expansion, leadership retention, and the cash‑only deal that preserves leverage and supports the company’s long‑term growth strategy.
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