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
| Oct 30, 2012
Wight & Company announces three hires
Expands team and adds staff to work on the UNO project.
| Oct 15, 2012
Silicones from Dow Corning solve high-altitude technical challenges at the world’s tallest tower
The spectacular Burj Khalifa skyscraper soars to 828m above ground level, holding the record for being the world’s tallest building and also for the highest installation of an aluminum and glass façade. To take on its numerous challenges and technical difficulties, it required proven silicone solutions and full support from Dow Corning.
| Oct 15, 2012
Three new members elected to AISC Board of Directors
New members will immediately begin serving on the AISC Board of Directors, assisting with the organization's planning and leadership in the steel construction industry.
| Oct 11, 2012
Hank Adams Named to Lead HDR’s Healthcare Program
With more than 25 years of experience, HDR vice president is tapped to lead firm's healthcare projects.
| Oct 10, 2012
Foster + Partners to Design New 425 Park Avenue Tower
Conceptual designs submitted by Foster, Hadid, Koolhaas and Rogers to be on exhibit during Municipal Art Society’s Annual Symposium
| Oct 9, 2012
AIA billings index sounds a positive note
The so-called new projects index was at a relatively healthy 57.2, up from 56.3 the previous month.
| Oct 9, 2012
Celebrating brick in architecture
The Brick Industry Association’s 2012 Brick in Architecture Awards put the spotlight on new projects that make creative use of one of humankind’s oldest and most beloved building materials.
| Oct 5, 2012
2012 Reconstruction Award Special Recognition: Joplin Interim High School, Joplin, Mo.
At 5:41 p.m. CDT on Sunday, May 22, 2011, an EF5 tornado touched down in Joplin, Mo. In the next 31 minutes, the mile-wide, multiple-vortex tornado, with winds up to 250 mph, destroyed two thousand buildings, including Joplin High and nine other schools.
| Oct 5, 2012
2012 Reconstruction Award Bronze Winner: DPR Construction, Phoenix Regional Office, Phoenix, Ariz.
Working with A/E firm SmithGroupJJR, DPR converted a vacant 16,533-sf one-time “adult-themed boutique” in the city’s reemerging Discovery Triangle into a LEED-NC Platinum office, one that is on target to be the first net-zero commercial office building in Arizona.
| Oct 5, 2012
2012 Reconstruction Award Bronze Winner: Pomeroy Senior Apartments, Chicago, Ill.
The entire interior of the building was renovated, from the first floor lobby and common areas, to the rooftop spaces. The number of living units was reduced from 120 to 104 to allow for more space per unit and comply with current accessibility requirements.
