Onex completes investment in JELD-WEN

October 11, 2011 |

Onex Corp. and its affiliates recently announced the completion of their investment in Jeld-Wen Holding Inc., one of the world’s largest residential door and window manufacturers.

The total investment of $871 million includes $689 million from Onex Partners III, of which Onex’ share was $124 million as a limited partner in the Fund, and Onex’ $182 million investment as a co-investor in the transaction.

Onex intends to offer a portion of this co-investment to its third-party limited partners. With the completion of the Jeld-Wen investment, Onex Partners III is approximately 40% invested.

The Onex Group’s total investment of $871 million includes: (i) $700 million of convertible preferred stock to acquire a 58% ownership stake; and (ii) a $171 million convertible note that can be redeemed within 18 months with proceeds from the sale of certain non-core assets and, if not redeemed, will convert into additional shares of convertible preferred stock. In connection with the acquisition, Jeld-Wen completed a $460 million bond offering, the proceeds of which in combination with the Onex Group’s investment were used to refinance the company’s existing debt.

The balance of the company continues to be owned by the trust of the late founder Richard Wendt, members of the Wendt family, Jeld-Wen employees and other existing shareholders. BD+C

 

Add new comment

Your Information
Your Comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Refresh Type the characters you see in this picture. Type the characters you see in the picture; if you can't read them, submit the form and a new image will be generated. Not case sensitive.  Switch to audio verification.
Overlay Init