Førde, Monday August 10, 2015
JELD-WEN, the world’s largest manufacturer of windows and doors, announced today that it has acquired Dooria AS (“Dooria”) from Credo Partners and Fjord Invest. Dooria is one of the largest manufacturers of wooden doors in the Nordics, and a leading provider of residential and commercial doors in the Swedish and Norwegian markets. Terms of the acquisition were not disclosed.
Dooria, headquartered in Oslo, Norway, has three door manufacturing locations in Sweden and employs approximately 200 people. The company offers a complete range of doors, including interior, exterior and specialty rated doors, in a wide variety of styles. The 68 year-old company, known for its high quality and innovative door designs and options, will become part of JELD-WEN’s North European business unit. The acquisition adds to the more than one billion in USD business that JELD-WEN has in Europe today.
“This acquisition is aligned with our mission to grow and expand our door and window manufacturing capabilities in Europe,” said Kirk Hachigian, JELD-WEN president and chief executive officer. “We welcome Dooria into the JELD-WEN family and look forward to leveraging our combined operations to strengthen our commitment to customers in the Scandinavian region.”
Fjord Invest has been owner in Dooria since 2003, and contributed to the company’s development from a local door manufacturer in Norway to one of the largest players in the Nordic wooden door market through acquisitions and organic growth. In partnership with Credo Partners, Fjord Invest has since 2010 implemented the turnaround, restructuring and strategic refocusing of the company. “It has been a challenging investment for us after the market meltdown during the financial crisis, but we are proud to have repositioned Dooria as a valued market player, and we are pleased to hand over the company to a global industry leader”, said Roger Flølo, Partner of Fjord Invest Management.
JELD-WEN - a leading global manufacturer of windows, doors, and treated composite trim and panels - operates in more than 20 countries with $3.5 billion in revenues; half of which comes from outside the United States. The company provides products that enhance the beauty and functionality of homes and commercial buildings. JELD-WEN’s full breadth of products has earned numerous awards and endorsements for dependability, innovation and excellence. With a strong commitment to sustainability, JELD-WEN is a recognized leader in manufacturing energy efficient products — providing solutions that deliver exceptional value for builders, architects and homeowners around the world. For more information, visit www.jeld-wen.com.
About Fjord Invest
Fjord Invest is a Norwegian private equity firm focusing on companies with strong growth potential in the western parts of Norway. Fjord Invest develops companies through active ownership where the goal is to create growth, profitability and sustained competitiveness in the portfolio companies. Total capital under management is about NOK 425 mill and Fjord Invest today has a portfolio consisting of 11 companies. For more information, visit www.fjordinvest.no.
Contact: Roger Flølo, Partner, Fjord Invest Management AS
Mobile: +47 997 37 800