https://static1.squarespace.com/static/5da5d5a8874e8c5ee9565de2/t/5fe12be14d06a81beb1b2fd2/1608592353360/Juniper-Janus International Merger Agreement Investor Call Transcript.pdf

Highlights I seen as I skimmed it. Not going to meme, but seems like a solid company at a glance

In terms of the deal itself, we valued the company at $1.9 billion, or 12 times 2021 Adjusted EBITDA and 10 times 2022 Adjusted EBITDA, which is substantially lower than the company’s peer group

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We will be funding the cash needs of the transaction through a $250 million PIPE, as well as $345 million in cash from the Juniper IPO

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Our business produces over $560 million in annual sales, with an Adjusted EBITDA margin of over 25%, and exceptional cash flows that we’re very proud of

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I mentioned, we’ve doubled our business over the past five years. You can see we’ve grown roughly $150 million organically, with another $105 million coming from M&A

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We own 50% market share in the self-storage space

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We think about our market in self-storage in terms of institutional and non-institutional operators. One of our primary focuses is on REITs and institutional customers. They’re the fastest growing segment of the industry. In 2006, they owned approximately 24% of the marketplace and today they make up over 30%. This segment continues to grow by way of content and footprint expansion. In terms of noninstitutional customers, we lead the segment and enjoy a similar margin profile. On the commercial side, we’re experiencing accelerated growth in warehousing and ecommerce distribution. Our sales in the commercial space is around 5% of a $3 billion addressable market, which represents a tremendous opportunity.

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we project a three-year-forward organic growth rate of approximately 10%, which is consistent with our historical track record.

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. Janus has a robust track record of above-market growth and an attractive margin profile, with significant runway for future growth. We are projecting EBITDA to grow at a 13% CAGR for 2020 to 2023.

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we have a clear path to grow revenue from roughly $550 million in 2020 to a little over $735 million in 2023. This growth does not include M&A activity, nor does it include the significant upside potential from an accelerated adoption of our Nokē smart entry solution.

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Overall, Janus’ growth and margin rates are very consistent with the higher margin group, which trades at a very attractive EBITDA multiple of 21 times 2021 Adjusted EBITDA. Due to the fact that we are pricing the transaction at 12 times 2021 Adjusted EBITDA, you can see that is a massive discount to that group. It is also worth pointing out that Janus’ financial performance is actually far superior to that of the lower growth/lower margin group, despite a five-point multiple discount to that group. The building products peers from both groups, which are arguably the closest to Janus from a products perspective, trade at an average 2021 EBITDA multiple of approximately 20 times, which again reflects a massive discount to the Janus valuation.