>>> Janus International to be acquired by Clearlake Capital Group

Janus International to be acquired by Clearlake Capital Group
17 JAN 2018
Clearlake Capital Group, L.P. (together with certain affiliates, Clearlake) today announced that it has agreed to acquire Janus International Group, LLC (Janus or the Company) in partnership with the Company’s management team. Janus is a leading global turnkey supplier of premium doors, hallway systems, locks, interior solutions and ancillary technologies. Financial terms of the transaction were not disclosed
Founded in 2002, Janus serves a broad and diversified set of blue chip national customers through a growing network of 13 locations spanning North America and Europe. The Company manufactures custom ordered interior solutions and provides value-added design, consulting and installation services in support of its products. These products and services represent the industry standard for quality and security, which has made Janus the supplier of choice for its core customers.
“We are excited to partner with Clearlake, which has a successful track record of sponsoring, supporting and growing companies in the industrial and building products sectors” said David Curtis, Founder and CEO of Janus. “Clearlake’s investment approach, operational expertise and financial resources will help accelerate our growth and allow us to continue providing the highest quality products and services to our customers.”
“Janus is a clear market leader to the self-storage segment, with a talented management team that has been driving relentless innovation within the sector,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “The combination of the Company’s differentiated product offerings, such as SecurGuard, and keen focus on the provision of value-added installation solutions has made Janus the leading supplier in the segment.”
“We are thrilled to support such a quality business and to sponsor the Company as it pursues an exciting new phase of growth,” said Colin Leonard, Partner at Clearlake. “This investment presents a compelling new platform that is poised to continue its recent momentum, both organically and through new acquisitions. What Janus is pursuing and developing is highly unique to the sector - the combination of Janus’ market leadership, a pipeline of aging self-storage facilities and the implementation of Janus’ internally developed new products and technologies represent compelling opportunities for the future.”
Moelis & Company and UBS Investment Bank served as financial advisors to Clearlake. Rothschild served as financial advisor to Janus.

>>> Europe Pre-Market indication


Alstom M/P Q3 orders at EU1.7bn, with sales 1.8bn. Confirms 2020 goals

ASML +2-3% 4Q net sales EU2.56b vs ,est EU2.15b, buyback of EU2.5b

Autos -1% Peer Ford -2% after-hrs, reported prelim 2017 EPS weaker

Beazley +1% Pre-tax to be ahead of expectations

Burberry -2% Q3 Retail comp sales +2% vs est +3-4, confirms FY18

Casino -1% FY sales 37.8b vs bberg cons 38.193b

Diploma M/P Margin remains inline with expectation

Hannover Re +1% CS UPGRADE to OUTPERFORM (Improved profit margin outlook)

Implenia +1% Won two new building construction jobs in Germany

Informa R Informa/UBM propose merger

Ingenico +1% To acquire Paymark for NZD190m

Ipsen +1-2% Ipsen/Exelixis announce positive phase 3 last night

IWG +2-3% Bloomberg suggesting Brookfield/Onex looking to pay 300p

Miners -1% Copper +0.05%, Brent -0.30%, Iron Ore -0.40%, China -0.40%

Munich Re +1% CS UPGRADE to NEUTRAL (Improved profit margin outlook)

Nestle R To sell its U.S. confectionery unit to Ferrero

Orion +1% CS UPGRADE to NEUTRAL (Ahead of crytical catalyst)

Pearson +2% Guiding to GBP600-605m, prev guidance was GBP576-606m

Recordati -1-2% CS DOWNGRADE to UNDERPERFORM (Valuation)

Rio -1% Rio and former executives facing US SEC charges

Safran -0.5% Boeing formed joint venture with Adient to produce seating

>>> After Hours Summary: ATEN / HIVE -19%, RNST -5%, IBKR -3%,

After Hours Summary: ATEN / HIVE -19%, RNST -5%, IBKR -3%, F -3%, ETH / PYPL -2%, CSX -1% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to guidance/news: EHTH +2.5% (ticking higher; sees Q4 revs above estimates, announces acquisition of GoMedigap, details changes to management structure)

Companies trading higher in after hours in reaction to news: JUNO +42.1% (WSJ reporting CELG / JUNO in merger talks), NEWA +26.1% (launches new strategic partnership with NW Blockchain Limited to jointly develop blockchain applications to use in the wastewater treatment industry), TAT +17.9% (formed strategic committee and engaged advisor to market the Company and explore strategic alternatives), VRS +9.7% (expanded its evaluation of potential transaction alternatives to include other alternatives, including but not limited to, a potential sale or merger of the entire company), RCKT +5.2% (Rocket Pharmaceuticals and Inotek Pharmaceuticals complete merger transaction), EXEL +2.5% (Ph 3 Trial results of cabozantinib demonstrate significant overall survival benefit in patients with previously treated advanced hepatocellular carcinoma)... ADAP +13%, BLCM +7.6%, BLUE +7.1%, ZIOP +2.4% higher with JUNO.

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ATEN -19.3%, HIVE -18.6%,  RNST -4.6%, IBKR -3%, F -3%, ETH -2.3%, PYPL -1.6%, CSX -0.7%

Companies trading lower in after hours in reaction to news: GNCA -23.1% (announces proposed concurrent public offerings of common stock and Class A warrants and Series A convertible preferred stock and Class A warrants), HALO -16.4% (being attributed to SWOG abstract-checking on details), HTGM -20% (to offer 10 mln shares of its common stock in an underwritten public offering; updates guidance), OBLN -11.7% (commences underwritten public offering of $35 mln of shares of common stock), BOOT -7.1% (launches public offering of 5.5 mln shares of common stock held by stockholders; provides guidance in connection with offering), SQNS -9.8% (commences offering of ADS; updates guidance), XON -6.3% (commenced an underwritten public offering of shares of its common stock), ADNT -4.8% (Adient & Boeing form JV to develop, manufacture and sell a portfolio of seating products to airlines and aircraft leasing companies), BGNE -3.8% (to offer and sell $650 mln of its ADSs), NTNX -3.4% (to offer $400 mln aggregate principal amount of convertible senior notes due 2023 in a private placement), NRZ -2.2% (commences 25 mln common stock offering; updates guidance as part of a previously announced public offering), HMNY -2% (pulling back following exec appearance on CNBC), CELG -1.7% (WSJ reporting CELG / JUNO in merger talks), GDEN -1.4% (commences secondary public offering of 6.5 mln shares of common stock to be sold by shareholders), PATK -1.1% (to offer $125 mln aggregate principal amount of its convertible senior notes due 2023 in a private placement), CRZO -1.1% (light volume; indicated lower following block trade pricing),



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>>> What to look at today - 17th of January 2018

Asian stocks pulled back from record highs following declines in U.S. counterparts as the dollar reversed a dip. The MSCI Asia Pacific Index retreated as materials, energy and healthcare stocks weighed.
Benchmark indexes in Sydney, Tokyo and Hong Kong were lower, while stocks in China rose. The euro touched a three-year high against the greenback and sterling was little changed. The yen steadied after a six-day streak of gains. Bitcoin rebounded above $11,000 after slumping 26 percent Tuesday.
Traders are questioning the pace of gains in equity markets at the start of 2018 as the earnings season ramps up and bond investors mull the potential for monetary policy in the U.S. to be tightened more quickly. The flattening of the yield curve is also back in focus after a brief movement in the opposite direction earlier this month.


Macro :
- S&P 500 Suffers Worst Reversal in Two Years; VIX Jumps Above 11
- Weidmann: Asset Purchases Have ‘Not Negligible’ Side Effects

Keep an eye on :
- ACS SM : ACS to Issue Maximum Amount of 4.2m Shares in Phase 2 Execution ASML Sees 1Q EUV Revenue of About EU150 Mln; Backlog 28 Systems
- ASML NA :
- ATC NA : Altice N.V.’s B+ Rating May Be Cut by S&P on Spin-Off Plans
- ATC NA : Orange Can’t Carry France Fiber Investments Alone: Arcep Head
- ALO FP : Alstom 3Q Orders EU1.7B, Sales EU1.8B; Keeps 2020 Targets
- BRBY LN : Burberry Third Quarter Retail Comparable Sales Miss Estimates
- CLLN LN : Carillion Canada to Continue Business Operations: BNN
- CO FP : Casino 4Q Rev EU10B, Up 2% on Same-Store Basis
- CINE LN : Cineworld FY Group Revenue Rises 11.6%, Says Well Positioned
- EDF FP : Hinkley Point First EPR on Track for 2025 Delivery
- EUCAR FP : Europcar Sees Group ’17 Proforma Rev. Around EU2.8B
- FNAC FP : SocGen to Start Placement of 2.94M Fnac Darty Shares
- GE US : Trian Is Said to Push GE to Explore Unit Sales, Spinoffs: NYP
- GNEL LN : Genel Energy Gets Payment for Taq Taq Oil Exports in October
- ING FP : Ingenico Agrees To Buy Paymark for NZ$190m
- IPN FP : Exelixis & Ipsen Report Phase 3 Trial Results of Cabozantinib
- NESN VX : Nestle Sells U.S. Confectionery Unit to Ferrero for $2.8b
- ORA FP : Orange Can’t Carry France Fiber Investments Alone: Arcep Head
- PRO LN : Premier Oil Concludes Invitation to Exchange Convertible Bonds
- PRS SM : Prisa Board Approves Pact With Majority of Creditors: Filing
- RIO LN : Rio Tinto May Give More Cash Back to Investors, Macquarie Says
- RIO LN : Rio Says SEC Charges Over Mozambique Mine Should Be Dismissed
- SARENZA (Not quoted) : Sarenza Hires Rothschild to Review Options, Les Echos Says
- GLE FP : SocGen Faces Request to Recoup EU2.2b Kerviel Tax Credit: Canard
- UBM LN : Informa, UBM Propose Merger; Informa to Own 65.5% of New Firm
- VIV FP : Vivendi Enters Into Hedging Transaction on Fnac Darty Stake
- VOW3 GY : Lamborghini Sticks to Plan to Double Deliveries With New SUV
- VOW3 GY : VW Group Dec. Sales Rise 8.5% Y/y to 999,800 Vehicles

>>> Europe : Brokers Upgrades & Downgrades - 18th of January 201

>>> Up
* ABB Upgraded to Hold at Berenberg
* Axa Upgraded to Outperform at MedioBanca; PT 32 Euros
* Big Yellow Group Upgraded to Buy at Berenberg
* Clariant Upgraded to Buy at Baader-Helvea; PT 32 Francs
* Glaxo Upgraded to Overweight at Barclays
* Hannover Re Raised to Outperform at Credit Suisse; PT 120 Euros
* Leonardo Upgraded to Buy at SocGen; Price Target 14 Euros
* Munich Re Upgraded to Neutral at Credit Suisse; PT 185 Euros
* NetEnt Upgraded to Buy at DNB Markets; PT 57 Kronor
* Orion Upgraded to Neutral at Credit Suisse
* Sika Upgraded to Buy at Baader-Helvea; Price Target 7,300 Francs
* Swatch Upgraded to Equal-weight at Morgan Stanley; PT 415 Francs
* Worldpay Upgraded to Buy at Goldman

>>> Down
* ABB ADRs Downgraded to Neutral at Baird; Price Target $29
* Altice Downgraded to Reduce at Kepler Cheuvreux; PT 7.50 Euros
* Aspocomp Group Cut to Reduce at Inderes; Price Target 2.50 Euros
* BillerudKorsnas Cut to Hold at SEB Equities; PT 135 Kronor
* Deutsche Beteiligungs AG Cut to Hold at Baader-Helvea
* Recordati Downgraded to Underperform at Credit Suisse
* Suedzucker Downgraded to Hold at DZ Bank; PT 16.50 Euros
* Topdanmark Cut to Underperform at Credit Suisse; PT 250 Kroner
* Tryg Cut to Neutral at Credit Suisse; Price Target 160 Kroner
* William Hill Downgraded to Reduce at Peel Hunt

>>> Initiation
* CNH New Hold at Berenberg; Struggles to See Value From Here
* Ingenico Group Rated New Sell at Kempen & Co; PT 75 Euros
* Sixt Rated New Buy at William O'Neil & Co Incorporated
* Wirecard Rated New Buy at Kempen & Co; PT 135 Euros
* Worldline Rated New Buy at Kempen & Co; PT 51 Euros

>>> Call

>>> Asia Update

Asia Market Update: Equities track lower on an uninspiring US session; China property names weaker on expected continued regulation


***Headlines/Economic Data***
General Trend:
- US dollar (USD) weakens broadly in early Asia, later pares losses
- Aussie rises amid better than expected home loans data, Westpac Consumer Confidence hits 4-year high; later pares gain
- Australia 10-year yield rises amid syndicate pricing
- China continues to play down need for rate hike: PBoC Adviser said not necessary for China to raise benchmark interest rates in near term
- China Q4 GDP and Australia monthly employment data due for release on Thursday
- China sells 5-year bonds at lower than expected yield
-(CN) PBOC reminds that RRR cut announced for some banks in Sept, to go into effect Jan 25th
- Japan Nov Core Machine Orders has highest value since June 2008
- BoJ again leaves bond purchases unchanged at daily operation
- Bitcoin continues its weakness as Asia regulators continue to indicate they will crack down on cryptocurrency
- Coinbase: Notes buys and sells are temporarily unavailable
- Bithumb: Delayed cash withdrawals for some clients

Japan
-Nikkei 225 opened -0.7%; closed -0.4%
- TOPIX Iron & Steel Index -1.2%: Nippon Steel -1.5% (Fire reported at Nippon Steel's Naoetsu production facility - Japanese press)
- General weakness in the Japanese mega banks: Sumitomo Mitsui -1%, Mizuho -1%, Mitsubishi UFJ -1% (tracks declines in S&P500 Financials sector)
- Fast Retailing -1.3% (gained 2.8% prior session)
- Softbank -1.2% (gained 2.0% prior session)
- (JP) Japan Nov Core Machine Orders M/M: 5.7% v -1.4%e; Y/Y: +4.1% v -1.0%e
- Toyota and Honda suspend exports to Vietnam since the beginning of the year following the implementation of a rule that requires stringent checks on imported vehicles - Nikkei
Looking Ahead: Japan Nov Industrial Production due for release on Thursday

Korea
-Kospi opened -0.2%
- Weakness in chip sector: Samsung Electronics -0.3%, Hynix -0.3%
- Chemicals firms trade lower: LG Chemicals -2%, Lotte Chemical -2%
- Celltrion [068270.KR]: -3.5% (cautious broker commentary)
- Doosan Heavy [034020.KR] -4% (Doosan Group denied press report related to sale of Doosan Heavy)
- Samsung SDS [0.18260.KR] +4.5% (positive broker commentary)
- (KR) South Korea Deputy PM and Fin Min Kim: suggestion to close down cryptocurrency exchanges is still an option under consideration, despite anticipated side effects - Korean press
- (KR) US Secretary of State Tillerson: North Korean intercontinental ballistic missile launch in November was witnessed by passengers on a San Francisco-to-Hong Kong commercial flight
- (KR) Bank of Korea sells KRW2.43T in 2-year monetary stabilization bonds (MSB): yield 2.15%
-(KR) South Korea Fin Min Kim: Will leave FX rates to market but take action if necessary
Looking Ahead: Bank of Korea interest rate decision due for Thursday (expected to leave rates unchanged at 1.50%)

China/Hong Kong
-Hang Seng opened -0.3%, Shanghai Composite +0.1%
- China property names decline after report that China would continue with property curbs; Hang Seng Property/Construction Index -1.0%
- Property company Country Garden [2007.HK] -4%: Planning to raise HK$23.4B by selling shares and convertible bonds
- Hang Seng Materials Index -1.8% (+1.6% prior session), Energy -1.9% (+1.1% prior session)
- HNA Group unit Bohai Capital halted ahead of ‘expected major issue’
- General weakness among airlines: China State-owned Assets Supervision and Administration Commission (SASAC) said it will allow less than 50% state holding in top 3 state airlines
- (CN) China researcher: No need for PBOC to hike interest rates – press
- (CN) China PBoC OMO: Injects CNY200B in 7,14 and 63-day reverse repos v CNY320B prior: Net injects CNY100B v CNY270B drained prior
- USD/CNY (CN) PBoC sets yuan reference rate at 6.4335 v 6.4372 prior (strongest fix since Dec 10, 2015)
- (CN) China MoF sells 5-yr bonds: avg yield 3.81% v 3.84%e, bid to cover 3.39x
- (HK) Hong Kong Chief Lam: Take ‘great exception’ to report compiled by British peer Paddy Ashdown that casts doubts on rule of law and China’s influence over city
Looking Ahead: China Q4 GDP and Dec data (Fixed Asset Investment, Industrial Production, Retail Sales) due for release on Thursday

Australia/New Zealand
- ASX 200 opened -0.2%; closed -0.5%
- ASX 200 Resources Index -1.4%,Telecom -1%, Financials -0.3%
- (AU) Australia Jan Westpac Consumer Confidence Index: 105.1 v 103.3 prior; m/m: 1.8% v 3.6% prior (4-yr high)
- (NZ) New Zealand Dec ANZ Commodity Price: -2.2% v -0.9% prior
-(AU) Australia to sell A$9.6B in new 2029 bonds, priced at yield to maturity of 2.86%
-(NZ) New Zealand mortgage brokers see uptick in interest after lending curbs lifted - NZ press
-(AU) According to analysts the RBA cash rate is poised to fall below the Fed funds rate for the first time in over 15 years, will see a sharp fall in the the A$ as a result - AFR
- (AU) AUSTRALIA NOV HOME LOANS M/M: 2.1% V 0.0%E; INVESTMENT LENDING: 1.5% V 1.8% PRIOR; Owner Occupied Loan Value m/m: 2.7% v -0.5% prior
Looking Ahead: Australia Dec Employment data due for release on Thursday

Other Asia
- (IN) India Economic Affairs Sec Garg: Requirement of additional borrowing reduced to INR200B vs INR500B originally seen
- (IN) India 10-year bond yield near 7.43%, down over 12bps
- (SG) Singapore Dec Non-Oil Domestic Exports M/M: -5.0% v -4.4%e; Y/Y: +3.1% v 8.6%e; Electronic Exports Y/Y: -5.3% v 5.1% prior
- (PH) Philippines Central Bank Gov Espenilla: Sees no Philippine Peso freefall given fundamentals
- Nanya Technology [2408.TW] -4.7%: Sees Q1 DRAM prices rising 'mildly' - local press

North America
- US equity markets reversed gains and ended mostly lower: Dow flat, S&P500 -0.4%, Nasdaq -0.5%, Russell 2000 -1.2%
S&P500 Energy Sector -1.3%, Materials -1.2%
- (US) Pres Trump tweets: "The Democrats want to shut down the Government over Amnesty for all and Border Security."
- (US) US House Republicans discuss stop-gap government funding bill through Feb 16th (in line with prior press speculation)
- (US) Republican Representative Simpson: Stop-gap funding bill expected to include 6-year Childrens Health Insurance Program (CHIP) reauthorization; will not include 'Dreamer' immigration legislation
- (US) Republicans said to discuss attaching 2-year delay of medical device and 'cadillac' health plan taxes related to Obamacare - financial press
- (US) Former White House adviser Steve Bannon has reportedly been subpoenaed by Special Counsel Mueller in Russia investigation - NYT
- Ford [F] -3% in afterhours: Reports prelim FY17 $1.78 v $1.81e, Guides initial FY18 adj EPS $1.45-1.70 v $1.53e; announces supplemental cash dividend - ahead of DB conf
- PayPal [PYPL] -2% in afterhours: Guides initial FY18 Rev $15.0-15.25B v $15.4Be; Affirms Op profit growth ~20%
Looking Ahead: US Dec Industrial Production and Nov TIC data due for release, along with Bank of Canada rate decision, Weekly API Crude Oil Inventories
- Earnings expected from companies including ASML, Alcoa, Bank of America, Goldman Sachs

Europe
- (EU) ECB Weidmann (Germany): would be appropriate to end ECB's asset purchases this year - press interview; Analyst expectation for a mid-2019 rate hike is about in line with ECB guidance
- (FR) ECB's Villeroy (France): Must monitor Euro movements on prices; recent rise is a source of uncertainty - press interview
- (EU) Eurogroup Chief Centeno: signals we're getting from Germany are very encouraging; it makes sense for a monetary union to have a budget capacity that plays a role of supporting investment
- EUR/USD: During early Asia session, traded above highs seen in Dec 2014 amid broad US dollar weakness
- Nestle: Confirms agreement to sell US confectionery business to Ferrero for $2.8B
- Informa [INF.UK]: Boards of UBM and Informa confirm that they are in talks on potential combination of the two companies

***Levels as of 01:00ET***
- Nikkei225 -0.4%, Hang Seng -0.3%; Shanghai Composite +0.5%; ASX200 -0.5%, Kospi -0.5%
- Equity Futures: S&P500 +0.1%; Nasdaq100 +0.1%, Dax +0.1%; FTSE100 +0.2%
- EUR 1.2323-1.2238; JPY 110.91-110.19; AUD 0.7999-0.7948;NZD 0.7291-0.7237
- Feb Gold -0.1% at $1,335/oz; Feb Crude Oil -0.1% at $63.64/brl; Mar Copper -0.6% at $3.20/lb