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
Building Team | Dec 8, 2016
The NYC Public Design Commission recognizes 12 projects with its 2016 Excellence in Design Award
2016 marked the 34th year the Public Design Commission has handed out its Excellence in Design Awards.
Education Facilities | Dec 7, 2016
How corporate design keeps educational design relevant
Learning is a lot like working; it varies daily, ranges from individual to collaborative, formal to informal and from hands on to digital.
| Dec 6, 2016
Workplace pilots: Test. Learn. Build
Differentiated from mock-ups or beta sites, workplace pilots are small scale built work environments, where an organization’s employees permanently reside and work on a daily basis.
Building Team | Dec 2, 2016
Alexandria Real Estate Equities becomes first real estate investment trust to be named a First-in-Class Fitwel Champion
Fitwel building certification was developed to foster positive impacts on building occupant health and productivity through improvements to workplace design and policies.
Government Buildings | Dec 1, 2016
Unlocking innovation in the government workplace
Government work settings ranked the lowest in their effectiveness across the four work modes: focus (individual) work, collaboration, socializing (informal gathering that fosters trust and teamwork) and learning.
Architects | Nov 20, 2016
D.C.’s first distillery-eatery taps into a growing trend
The stylish location targets customers craving craft spirits and late-night dining.
Architects | Nov 18, 2016
A Frank Lloyd Wright building in Montana will soon be demolished, or will it?
The building is one of only three Frank Lloyd Wright-designed buildings in the state.
Architects | Nov 11, 2016
Six finalists selected for London’s Illuminated River competition
The competition is searching for the best design for lighting the bridges of central London.
Healthcare Facilities | Nov 10, 2016
Prescription for success: Managing technology in the design of healthcare facilities
While the benefits of intelligently deployed technology are abundantly clear to both designers and healthcare end-users, it’s no simple task to manage the integration of technology into a building program.
Industry Research | Nov 4, 2016
New survey exposes achievement gap between men and women designers
Female architects still feel disadvantaged when it comes to career advancement.