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
| Nov 29, 2014
20 tallest towers that were never completed
Remember the Chicago Spire? What about Russia Tower? These are two of the tallest building projects that were started, but never completed, according to the Council on Tall Buildings and Urban Habitat. The CTBUH Research team offers a roundup of the top 20 stalled skyscrapers across the globe.
| Nov 26, 2014
USITT Selects Bahrain National Theatre for Honor Award
The Bahrain National Theatre will be recognized with an Honor Award by the United States Institute for Theatre Technology (USITT) in 2015.
| Nov 26, 2014
How the 'maker culture' brings the power of design to life
Most people affiliate the maker culture with metal working, welding, ceramics, glass blowing, painting, and soldering. But it also includes coding and online content creation, writes Gensler’s Douglas Wittnebel.
| Nov 26, 2014
U.S. Steel decides to stay in Pittsburgh, plans new HQ near Penguins arena
The giant steelmaker has agreed to move into a new headquarters that is slated to be part of a major redevelopment.
Sponsored | | Nov 26, 2014
It’s time to start trusting your employees more
A recent study published in the journal Psychological Science revealed that employees were 26% more satisfied in their roles when they had positions of power. SPONSORED CONTENT
Sponsored | | Nov 26, 2014
What’s in a coating?
A beautiful coating on metal products can make a strong statement, whether used on a high-end commercial project or an industrial building. SPONSORED CONTENT
Sponsored | | Nov 26, 2014
Virtual reality in 3D models, iPhone thermal imaging: Inside one very cool tech toybox
A little over a year ago, I embarked on a search to find individuals in the AEC space who were putting new hardware to work in the field.
| Nov 25, 2014
Behnisch Architekten unveils design for energy-positive building in Boston
The multi-use building for Artists For Humanity that is slated to be the largest energy positive commercial building in New England.
| Nov 25, 2014
Study: 85% of employees dissatisfied with their office environment
A vast majority of office workers feel open floor plans cause multiple distractions and that more private spaces are needed in today's offices, according to a new study by Steelcase and research firm IPSOS.
| Nov 25, 2014
Emerging design and operation strategies for the ambulatory team in transition
As healthcare systems shift their care models to be more responsive to patient-centered care, ambulatory care teams need to be positioned to operate efficiently in their everyday work environments, write CannonDesign Health Practice leaders Tonia Burnette and Mike Pukszta.
