Window and door maker Jeld-Wen Holding Inc. plans to raise more than $400 million through a secondary stock offering.
Charlotte, N.C.-based Jeld-Wen will issue 12.5 million shares at $33.75 per share. Proceeds from the offering will be approximately $416 million, according to a Nov. 15 news release.
Private equity firm Onex Group of Toronto will retain one-third ownership of Jeld-Wen. Onex paid almost $900 million for the firm in 2015.
Onex took Jeld-Wen public in January at around $26 per share. The price was just under $39 in early trading Nov. 21 for an increase of almost 50 percent.
Jeld-Wen makes interior and exterior doors from composite wood, wood veneer, steel glass and fiberglass. The firm's windows are made from PVC and aluminum. It also makes ancillary products such as shower enclosures and cabinets.
For the first nine months of 2017, Jeld-Wen's sales were almost $2.8 billion, up more than 3 percent vs. the same period in 2016. For full-year 2016, the firm posted sales of almost $3.7 billion, up more than 8 percent vs. 2015.
Financial firm Baird Global Investment Banking of Milwaukee served as bookrunner on the secondary stock offering.