A Canadian investment group agreed to pay $675 million for a 39% stake in Jeld-Wen, the window and door manufacturer.
Onex Corp. announced the plan yesterday, anticipating Jeld-Wen was positioned well for a global recovery in housing.
"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."
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.
Rod Wendt, CEO 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."
According to the press release, Jeld-Wen had $3.0 billion in 2010 revenues. It operates 123 manufacturing and distribution centers and employs approximately 20,000 people in more than 25 countries across North America, South America, Europe, Australia and Asia.