Stock Symbol: TSX: OCX
Onex to Invest $675 Million in JELD-WEN, World’s Largest Residential Door & Window Maker
All amounts in U.S. dollars unless otherwise stated
Toronto, May 4, 2011 – Onex Corporation (TSX: OCX) announced today 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 Mr. Richard Wendt, members of the Wendt family,
JELD-WEN employees and other existing shareholders.
Founded in 1960, JELD-WEN is one of the world’s leading manufacturers of interior and exterior doors, windows and related products for use
primarily in the residential and light commercial new construction and remodel markets. JELD-WEN operates 123 manufacturing and distribution
centers and employs approximately 20,000 people in over 25 countries across North America, South America, Europe, Australia and Asia. For the
twelve months ended December 31, 2010, JELD-WEN generated over $3.0 billion in revenues.
“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,” said 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.”
Mr. Rod Wendt, Chief Executive Officer of JELD-WEN, commented, “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."
Mr. Munk continued, “This proprietary opportunity is the result of our focus and expertise in the building products sector and our industrial
partnership with Philip Orsino, a founder and former CEO of Masonite International.” Following the closing, Mr. Munk and Mr. Orsino will join the
Board of Directors of JELD-WEN.
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. Onex’ investment will be made in two tranches: (i) $475 million of convertible preferred stock representing a
39% ownership stake; and (ii) a $200 million convertible note that can be redeemed within 18 months with proceeds from the sale of certain noncore assets. The transaction is anticipated to close in the second quarter subject to customary regulatory approvals and completion of the
associated debt financing.
JELD-WEN’s management, workforce and corporate culture will remain firmly rooted and intact. JELD-WEN will continue as a private company
headquartered in Klamath Falls, Oregon while also maintaining its employee stock ownership plan and its vast workforce.
About Onex
Onex is one of North America’s oldest and most successful investment firms committed to acquiring and building high-quality businesses in
partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In
total, the company manages approximately $14 billion, of which $10 billion is third-party capital. As well, Onex invests its own capital directly and as
a substantial limited partner in its Funds.
Onex’ businesses generate annual revenues of C$36 billion, have assets of C$42 billion and employ more than 238,000 people worldwide. Onex
shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The
Company’s security filings can also be accessed at www.sedar.com.
About JELD-WEN
JELD-WEN, inc. is one of the world’s leading manufacturers of reliable windows and doors and is consistently ranked as Oregon’s largest privately
owned company, and recorded in the top one-half of Forbes’ list of “America’s Largest Private Companies.” Based in Klamath Falls, Ore., JELDWEN began in 1960 as a small Oregon millwork plant with 15 employees and today has approximately 20,000 employees worldwide. The
company’s large product offering encompasses numerous varieties of windows, exterior doors and interior doors as well as specialty building
products such as showerscreens and stair parts. JELD-WEN has been an ENERGY STAR Partner since 1998. For more information on JELDWEN, visit www.jeld-wen.com.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and
unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new
information, future events or otherwise.
For further information:
Onex
Emma Thompson
Vice President, Investor Relations
416.362.7711
JELD-WEN
Teri Cline
Communications Director
541.882.3451