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
| Feb 27, 2013
Marvin Windows and Doors now accepting entries for fifth annual Marvin Architect’s Challenge
Architects have an opportunity for their best work to compete on a global stage in the fifth annual Marvin Architect’s Challenge. Previous winners of Marvin Windows and Doors’ prestigious award program have come from Spain, Ireland and across the United States — with their work among the world’s finest.
| Feb 27, 2013
Bronx residents get LEED Platinum public housing complex, rooftop farm
The New York City Housing Authority has opened Arbor House, a 124-unit LEED Platinum complex in the Morrisania neighborhood of the Bronx.
| Feb 25, 2013
HOK sustainability expert Mary Ann Lazarus tapped by AIA for strategy consulting position
Mary Ann Lazarus, FAIA, LEED® AP BD+C, has accepted a two-year consulting position with the American Institute of Architects in Washington, DC. Her new position, which begins March 1, will focus on increasing the AIA's impact on sustainability across the profession. The St. Louis-based architect will continue consulting at HOK.
| Feb 25, 2013
First look: Google's new HQ is engineered for creative collisions
The new California "Googleplex" will be engineered to make sure no Google employee will be more than a 2.5 minute walk away from any other.
| Feb 25, 2013
AISC seeks proposals for development of BIM best practices guide
The American Institute of Steel Construction seeks assistance from BIM users in identifying and documenting best practices to facilitate the long-term standardization of BIM in structural steel construction.
| Feb 22, 2013
Westlake Reed Leskosky will renovate training center for Cleveland Browns
Local firm Westlake Reed Leskosky has been chosen to design renovations to the Cleveland Browns' Training and Administrative Complex in Berea, Ohio.
| Feb 22, 2013
Starbucks pilot program rolls out small, modular stores
Coffee giant Starbucks is rolling out mini-stores with maximum local flavor, as part of an international pilot program.
| Feb 22, 2013
Defense department report: Green design saves taxpayers money
An independent report on energy efficiency and sustainability standards used by the Pentagon for military construction affirms the value of LEED-certified high performing buildings to America’s military and U.S. taxpayers.
| Feb 22, 2013
Detroit project would bring 'fairytale forest' to riverfront
A proposal by atelierWHY to create a heavily wooded park on the downtown riverfront has taken first place in the juried Detroit By Design competition.
| Feb 22, 2013
Zaha Hadid to help plan new London-area airport hub
The Mayor of London has appointed Zaha Hadid Architects to help create a major new airport in southeastern England.