JELD-WEN Holding

Background

JELD-WEN Holding is currently one of the world’s largest door and window manufacturers. The company designs, produces, and distributes an extensive range of interior and exterior doors, windows, and related products for use in the new construction, and repair and remodeling of residential homes and, to a lesser extent, non-residential buildings. JELD-WEN Holding markets its products in over 85 countries globally under the JELD-WEN brand, along with several market-leading regional brands.

Active Ownership

Since acquisition, Onex has worked closely with the company on the following initiatives:

  • Built a world-class management team: recruited the Executive Chairman, Chief Executive Officer and Chief Financial Officer
  • Established the company’s operational improvement program to systematically transform JELD-WEN Holding’s business practices, reduce costs and increase performance
  • Improved the company’s financial reporting, planning and analysis capabilities as well as its information technology functions
  • Initiated a program of strategic acquisitions that has resulted in eight transactions to date

Results to Date

Through the above initiatives, the company has grown both revenues and EBITDA and improved EBITDA margins, consistent with our original investment thesis.

Onex worked closely with JELD-WEN Holding to take the business public in January 2017, offering 28.75 million shares of its common stock (NYSE: JELD), including the exercise of the over-allotment option. The offering was priced at $23.00 per share for gross proceeds of $661 million. In May 2017, JELD-WEN Holding completed a secondary offering of 16.1 million shares of its common stock, including the exercise of the over-allotment option. In November 2017, the company announced the pricing of another secondary public offering of 12.5 million shares by certain existing stockholders, including Onex. The Onex Partners III Group continues to hold 33% of the company (of which Onex’ interest is 8%).