Onex to Invest $675 Million in JELD-WENMay 5th, 2011 | Category: Industry News
Onex Corp., based in Toronto, announced yesterday that it has agreed to invest $675 million and acquire a significant minority interest in JELD-WEN Holding Inc. JELD-WEN will continue to be majority-owned by the Trust of Richard Wendt, members of the Wendt family, JELD-WEN employees and other existing shareholders.
“We believe that JELD-WEN’s competitive position and well-known brands in markets around the world position the company very well to take advantage of the eventual recovery in global housing markets,” says Anthony Munk, an Onex Managing Director. “We are delighted to be investing alongside the Wendt family, and look forward to working closely with JELD-WEN’s management team and employees to build on the company’s success.”
“This is an exciting time in our company’s history and we’re pleased to be partnering with Onex, who shares our vision for the company’s future,” adds Rod Wendt, chief executive officer of JELD-WEN.
Munk added that this proprietary opportunity is the result of its focus and expertise in the building products sector and its industrial partnership with Philip Orsino, a founder and former CEO of Masonite International. Following the closing, Munk and Orsino will join the Jeld-Wen Board of Directors.
The $675 million investment will be made by Onex Partners III, Onex’ flagship private equity fund, of which approximately $120 million will be Onex’ share as a Limited Partner in the Fund.
JELD-WEN’s management, workforce and corporate culture will remain firmly rooted and intact, according to Onex. JELD-WEN will continue as a private company headquartered in Klamath Falls, Ore., while also maintaining its employee stock ownership plan and its vast workforce.