Infra opportunity: Clearlake's Janus merges with SPAC, Lincoln Road forms Landmark Paving

The Wire

Dec. 21, 2020

Investing behind infrastructure: Clearlake's Janus unveils $1.9bn SPAC merger, Sun Capital-spinout Lincoln Road Global Management launches Landmark Paving

Morning!

Santa Monica’s Clearlake Capital is joining the flurry of private equity firms taking their portfolio companies public through the SPAC route.

Janus International, a manufacturer of building products and provider of solutions for the self-storage and industrial sectors, has agreed to merge with Juniper Industrial Holdings. Janus seems a logical pick for the SPAC, which was founded by experienced dealmakers and veterans of the industrials sector. Founders Roger Fradin and Brian Cook are the former CEO and global Head of M&A at Honeywell, respectively.

At closing, the SPAC merger is set to assign Janus a pro forma implied enterprise value of approximately $1.9 billion, or 11.9 times calendar year 2021 estimated adjusted EBITDA.

Read more on the Janus transaction on PE Hub.

Elsewhere, Sun Capital Partners spinout Lincoln Road Global Management has formed what marks the emerging manager’s second platform investment to date, finding opportunity to support the smaller-scale parking and infrastructure needs of major big-box retailers and other commercial businesses.

“[Landmark] is not focused on the larger infrastructure projects – it’s the parking lots and the local municipal jobs like school zones and the like,” said Lincoln Road managing partner Jeff Magny, who founded the Miami PE firm in 2015 after about nine years at Sun Capital. “The larger players don’t dip into our sandbox, so it allows for us to maintain our competitive standing.” Read more on PE Hub.

Read the full wire commentary on PE Hub.

That's it for me! If you've got any big news to share before you call it quits for 2020, write to me at springle@buyoutsinsider.com or find me on LinkedIn.

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Note to Readers: It's that time of year ... for the 21st time, the editors of PE Hub and Buyouts honor exceptional buyouts with our Deal of the Year Awards.

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Also of note (may require subscriptions)

Perseverance: Despite the economic slowdown, Cresset closed its first opportunity zone fund in June on about $465 million of equity investments, and is making good progress on its second. The Chicago multi-family office has raised about $85 million so far for Fund II. Read it here on Buyouts.