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
Related Stories
Apartments | Mar 13, 2024
A landscaped canyon runs through this luxury apartment development in Denver
Set to open in April, One River North is a 16-story, 187-unit luxury apartment building with private, open-air terraces located in Denver’s RiNo arts district. Biophilic design plays a central role throughout the building, allowing residents to connect with nature and providing a distinctive living experience.
Sustainability | Mar 13, 2024
Trends to watch shaping the future of ESG
Gensler’s Climate Action & Sustainability Services Leaders Anthony Brower, Juliette Morgan, and Kirsten Ritchie discuss trends shaping the future of environmental, social, and governance (ESG).
Affordable Housing | Mar 12, 2024
An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
In Santa Monica, Calif., Brunson Terrace is an all-electric, 100% affordable housing project that’s over eight times more energy efficient than similar buildings, according to architect Brooks + Scarpa. Located across the street from Santa Monica College, the net zero building has been certified LEED Platinum.
Museums | Mar 11, 2024
Nebraska’s Joslyn Art Museum to reopen this summer with new Snøhetta-designed pavilion
In Omaha, Neb., the Joslyn Art Museum, which displays art from ancient times to the present, has announced it will reopen on September 10, following the completion of its new 42,000-sf Rhonda & Howard Hawks Pavilion. Designed in collaboration with Snøhetta and Alley Poyner Macchietto Architecture, the Hawks Pavilion is part of a museum overhaul that will expand the gallery space by more than 40%.
Affordable Housing | Mar 11, 2024
Los Angeles’s streamlined approval policies leading to boom in affordable housing plans
Since December 2022, Los Angeles’s planning department has received plans for more than 13,770 affordable units. The number of units put in the approval pipeline in roughly one year is just below the total number of affordable units approved in Los Angeles in 2020, 2021, and 2022 combined.
BIM and Information Technology | Mar 11, 2024
BIM at LOD400: Why Level of Development 400 matters for design and virtual construction
As construction projects grow more complex, producing a building information model at Level of Development 400 (LOD400) can accelerate schedules, increase savings, and reduce risk, writes Stephen E. Blumenbaum, PE, SE, Walter P Moore's Director of Construction Engineering.
AEC Tech | Mar 9, 2024
9 steps for implementing digital transformation in your AEC business
Regardless of a businesses size and type, digital solutions like workflow automation software, AI-based analytics, and integrations can significantly enhance efficiency, productivity, and competitiveness.
Office Buildings | Mar 8, 2024
Conference room design for the hybrid era
Sam Griesgraber, Senior Interior Designer, BWBR, shares considerations for conference room design in the era of hybrid work.
Architects | Mar 8, 2024
98 architects elevated to AIA's College of Fellows in 2024
The American Institute of Architects (AIA) is elevating 96 member-architects and 2 non-member-architects to its College of Fellows, an honor awarded to architects who have made significant contributions to the profession. The fellowship program was developed to elevate architects who have achieved a standard of excellence in the profession and made a significant contribution to architecture and society on a national level.
Sports and Recreational Facilities | Mar 7, 2024
Bjarke Ingels’ design for the Oakland A’s new Las Vegas ballpark resembles ‘a spherical armadillo’
Designed by Bjarke Ingels Group (BIG) in collaboration with HNTB, the new ballpark for the Oakland Athletics Major League Baseball team will be located on the Las Vegas Strip and offer panoramic views of the city skyline. The 33,000-capacity covered, climate-controlled stadium will sit on nine acres on Las Vegas Boulevard.
