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
| Jul 23, 2013
Paul Bertram to speak at ACEEE Summer Study on Energy Efficiency
Paul Bertram, FCSI, CDT, LEED AP and director of environment and sustainability for Kingspan Insulated Panels N.A., will present a white paper during the American Council for an Energy Efficient Economy (ACEEE) 2013 Summer Study on Energy Efficiency in Industry.
| Jul 22, 2013
School officials and parents are asking one question: Can design prevent another Sandy Hook? [2013 Giants 300 Report]
The second deadliest mass shooting by a single person in U.S. history galvanizes school officials, parents, public officials, and police departments, as they scrambled to figure out how to prevent a similar incident in their communities.
| Jul 22, 2013
Competitive pressures push academia to improve residences, classrooms, rec centers [2013 Giants 300 Report]
College and university construction continues to suffer from strained government spending and stingy commercial credit.
| Jul 22, 2013
Top K-12 School Sector Construction Firms [2013 Giants 300 Report]
Gilbane, Balfour Beatty, Turner top Building Design+Construction's 2013 ranking of the largest K-12 school sector contractors and construction management firms in the U.S.
| Jul 22, 2013
Top K-12 School Sector Engineering Firms [2013 Giants 300 Report]
AECOM, URS, STV top Building Design+Construction's 2013 ranking of the largest K-12 school sector engineering and engineering/architecture firms in the U.S.
| Jul 22, 2013
Top K-12 School Sector Architecture Firms [2013 Giants 300 Report]
DLR, SHW top Building Design+Construction's 2013 ranking of the largest K-12 school sector architecture and architecture/engineering firms in the U.S.
| Jul 22, 2013
Top University Sector Construction Firms [2013 Giants 300 Report]
Whiting-Turner, Turner, Skanska top Building Design+Construction's 2013 ranking of the largest university sector contractors and construction management firms.
| Jul 22, 2013
Top University Sector Engineering Firms [2013 Giants 300 Report]
Affiliated Engineers, URS, AECOM top Building Design+Construction's 2013 ranking of the largest university sector engineering and engineering/architecture firms in the U.S.
| Jul 22, 2013
Top University Sector Architecture Firms [2013 Giants 300 Report]
Cannon, Perkins+Will, Stantec top Building Design+Construction's 2013 ranking of the largest university sector architecture and architecture/engineering firms in the U.S.
| Jul 22, 2013
Top Office Sector Construction Firms [2013 Giants 300 Report]
Turner, Structure Tone, PCL top Building Design+Construction's 2013 ranking of the largest office sector contractors and construction management firms in the U.S.