\nJanus International Group, a manufacturer of doors and other products for self-storage and industrial facilities, has joined the small cadre of publicly traded companies in the self storage industry.<\/p>\n
Janus\u2019 stock started trading June 8 on the New York Stock Exchange. The stock opened the day at $14 per share and closed at $13.89 per share. In December, Janus executives estimated the stock listing would lead to a market capitalization of $1.4 billion and an equity valuation of $1.9 billion.<\/p>\n
A \u2018blank check\u2019 merger<\/strong><\/p>\n Temple, GA-based Janus went public through a merger with Chatham, NJ-based Juniper Industrial Holdings, a so-called \u201cblank check\u201d company. Juniper\u2019s stock already traded on the New York Stock Exchange under the ticker symbol JIH. Following the Janus-Juniper combination, the stock now trades under the symbol JBI.<\/p>\n With no business operations, Juniper was established as a special purpose acquisition company (SPAC) with the sole purpose of acquiring businesses or business assets through a merger or another type of deal.<\/p>\n The completion of this transaction and our listing on the NYSE signifies a tremendous milestone for Janus as we continue executing on our compelling growth plans\u201d<\/p><\/blockquote>\n Although Janus is now a publicly traded company, the business remains largely unchanged. Ramey Jackson is still CEO of Janus, and Santa Monica, CA-based Clearlake Capital Group is still Janus\u2019 largest shareholder. Clearlake bought Janus in 2018 for an undisclosed amount.<\/p>\n Other publicly traded companies in the self storage sector are five REITs \u2014 Public Storage, Extra Space, CubeSmart, Life Storage and National Storage Affiliates Trust \u2014 along with U-Haul owner AMERCO.<\/p>\n \u201cThe completion of this transaction and our listing on the NYSE signifies a tremendous milestone for Janus as we continue executing on our compelling growth plans,\u201d Jackson said in a June 7 news release. \u201cOur industry is at a critical juncture as our customers begin modernizing and adopting our technologies and invest in upgrading existing and new facilities.\u201d<\/p>\n Growth opportunities abound <\/strong><\/p>\n Janus posted revenue of $549 million in 2020, down 2.9% from the previous year, according to a filing with the U.S. Securities and Exchange Commission (SEC). Last year, the company employed more than 1,600 people around the world.<\/p>\n Our goal with Juniper was not only to find a great investment for our platform, but to also partner with an industry-leading company with an abundant number of growth opportunities where our team can add significant value and resources\u201d<\/p><\/blockquote>\n Roger Fradin, chairman of Juniper, said he looks forward to nurturing Janus\u2019 growth.<\/p>\n \u201cOur goal with Juniper was not only to find a great investment for our platform, but to also partner with an industry-leading company with an abundant number of growth opportunities where our team can add significant value and resources,\u201d Fradin said.<\/p>\n Fradin is former president and CEO of Honeywell Automation and Control Solutions, which he grew from $7 billion in sales in 2003 to $17 billion in sales in 2014. He retired from Honeywell in 2017. Today, he\u2019s chairman of Resideo, a Honeywell spinoff that makes smart-home products.<\/p>\n