Private equity firm Onex Corp., a major stakeholder in Jeld-Wen, is looking for an out once the company achieves its initial public offering (IPO), according to the Financial Post. This is a reversal from what Onex planned to do initially, according to the IPO filing, which was to stay with the company after it became public.

Jeld-Wen filed with the Securities and Exchange commission on June 1.

Since, there have been conflicting reports about Onex’s continued involvement with the company. According to the IPO filing, “Onex will continue to own a controlling interest in us. Therefore, we expect to be a ‘controlled company’ within the meaning of corporate governance standards.” However, the Financial Post reported that the firm will use the IPO to sell its stake in the Charlotte, N.C.-based door and window manufacturer.

“It has been reported that last August [Onex] was seeking a buyer for the whole company,” the Financial Post report reads. “Selling the whole thing at one time has been Onex’s modus operandi.”

Onex began investing in the company in 2011 and has a majority stake in the company (84 percent, according to the IPO filing).

While it’s not clear at this time how much Jeld-Wen will raise with its IPO, the company filed a maximum aggregate offering price of $100 million.

Leave a Reply

Your email address will not be published. Required fields are marked *