Janus 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.

Janus’ 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.

A ‘blank check’ merger

Temple, GA-based Janus went public through a merger with Chatham, NJ-based Juniper Industrial Holdings, a so-called “blank check” company. Juniper’s 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.

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.

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’ largest shareholder. Clearlake bought Janus in 2018 for an undisclosed amount.

Other publicly traded companies in the self-storage sector are five REITs — Public Storage, Extra Space, CubeSmart, Life Storage and National Storage Affiliates Trust — along with U-Haul owner AMERCO.

“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,” Jackson said in a June 7 news release. “Our industry is at a critical juncture as our customers begin modernizing and adopting our technologies and invest in upgrading existing and new facilities.”

Growth opportunities abound

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.

Roger Fradin, chairman of Juniper, said he looks forward to nurturing Janus’ growth.

“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,” Fradin said.

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’s chairman of Resideo, a Honeywell spinoff that makes smart-home products.

John Egan