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
Education Facilities | Mar 28, 2016
Steven Holl wins invited competition to design Rubenstein Commons
The new Rubenstein Commons will be a 20,000-sf structure at the center of the campus for the Institute for Advanced Study in Princeton, N.J.
Wood | Mar 28, 2016
Waugh Thistleton designs one of the tallest timber office buildings in London
The nine-story Development House has vertical open spaces for light and air flow.
Architects | Mar 20, 2016
Ars Gratia Artis: A North Carolina architect emphasizes the value of art in its designs
Turan Duda says clients are receptive, but the art must still be integral to the building’s overall vision.
Architects | Mar 16, 2016
PGAL acquires Dallas-based Pro Forma Architecture
The merger adds a firm that has specialized in municipal projects.
Events Facilities | Mar 15, 2016
Bjarke Ingels, Foster+Partners, and Grimshaw all winners in Expo 2020 pavilion design competition
BIG designed the Opportunity Pavilion, Foster+Partners submitted the winning Mobility Pavilion, and Grimshaw created the Sustainability Pavilion.
Sports and Recreational Facilities | Mar 14, 2016
Washington Redskins tease new stadium model designed by Bjarke Ingels
The location isn't yet determined, but the new stadium will have a moat for kayaking.
Architects | Mar 11, 2016
German artist recreates Brutalist buildings with LEGO blocks
Arndt Schlaudraff brings the beauty out of the rugged, linear style of buildings most popular a half century ago.
Architects | Mar 11, 2016
Architecture for Humanity rebrands itself as Open Architecture Collaborative
With a new name, logo, and mission, the Open Architecture Collaborative is seeking a fresh start.
Architects | Mar 11, 2016
AIA survey finds many women and minority architects still feeling underrepresented and unfulfilled
Dissatisfaction with “work-life balance” and compensation are cited as reasons why companies’ diversity strategies may be faltering.
University Buildings | Mar 11, 2016
How architects can help community colleges promote community on campus
Even in the face of funding challenges and historic precedent, there are emerging examples of how partnership between two-year academic institutions and designers can further elevate community on campus. CannonDesign's Carisima Koenig has a few key examples.