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 16, 2011
CRSI recommends return to inch-pound markings
The intention of this resolution is for all new rollings of reinforcing steel products to be marked with inch-pound bar markings no later than January 1st, 2014.
| Nov 16, 2011
John Patelski joins Ghafari as executive vice president
As executive vice president, Patelski will be responsible for expanding the firm’s services in new strategic markets.
| Nov 15, 2011
Struggling economy demands construction industry embrace enterprise-wide risk management
In today’s business environment of high supply and limited demand, it has become especially vital for organizations in the construction sector to effectively manage risk.
| Nov 15, 2011
Suffolk Construction breaks ground on the Victor housing development in Boston
Project team to manage construction of $92 million, 377,000 square-foot residential tower.
| Nov 15, 2011
Miller joins Perkins Eastman as regional manager, Middle East and Northern Africa
Miller joins Perkins Eastman with more than 48 years of experience in architecture, design management, and construction administration for planning and infrastructure.
| Nov 14, 2011
Summit Design+Build selected at GC for new Office Concepts headquarters
The new headquarters will include 17,000 sf of office space and 15,000 sf of warehouse and feature 24 ft ceilings, an open floor plan, two conference rooms and one training room and will feature sustainable finishes throughout.
| Nov 14, 2011
Griffin Electric completes electrical work at Cary Arts Center
The Griffin Electric team was responsible for replacing the previous electrical service on-site with a 1000A, 480/277V service and providing electrical feeds for a new fire pump chiller, six air-handlers and two elevators.
| Nov 14, 2011
303 East 33rd Street building achieves LEED-NC
The 165,000 sf 12-story residential building is the first green development to be LEED certified in the Murray Hill neighborhood of Manhattan.
