Business

Charlotte-based door maker prepares to go public

Rendering of Jeld-Wen’s new corporate headquarters in Ayrsley in southwest Charlotte
Rendering of Jeld-Wen’s new corporate headquarters in Ayrsley in southwest Charlotte Courtesy of Jeld-Wen

Charlotte-based window and door manufacturer Jeld-Wen is preparing to go public.

In a securities filing this week, Jeld-Wen said its net proceeds from the IPO would be about $452 million, minus expenses, assuming the shares are priced at $22 per share, the middle of its expected price range. The company said it has received approved to list its common stock on the New York Stock Exchange under the symbol “JELD.”

After the initial public offering, Canadian private equity firm Onex will own about 63.4 percent of the common stock, Jeld-Wen said.

According to the filing, the company is selling 22.3 shares of common stock, and Onex is selling 2.7 million shares. Underwriters of the deal have the option to buy up to 3.75 million additional shares of common stock from Onex, though Jeld-Wen said it will not receive any proceeds from the shares sold by Onex.

Last summer, the Wall Street Journal reported that Jeld-Wen was exploring the possibility of selling itself, months after it had filed to go public, a process known as “dual-track.” Bloomberg reported that the IPO filed in June could raise $550 million, and the Journal reported that the company could have reaped up to $3 billion by selling itself.

In November, the company announced plans to build a new corporate campus in the Ayrsley area of southwest Charlotte, adding 200 new jobs as it expands its headquarters. Construction on the new 120,000 square-foot building at One Silver Crescent is expected to wrap up by the end of 2017.

Jeld-Wen makes windows and doors for HGTV’s remodeling TV show “Dream Home.” The company supplies products sold by retailers such as Home Depot, according to its website.

In the 12-month period ending Sept. 24, Jeld-Wen reported a net revenue of $3.6 billion.

Katherine Peralta: 704-358-5079, @katieperalta

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