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Onex-backed building products maker Jeld-Wen files for IPO: Reuters

Jeld-Wen Holding Inc, a maker of doors and windows, filed with U.S. regulators on Wednesday to raise up to US$100 million in an initial public offering of its common stock.

In a preliminary prospectus with the U.S Securities and Exchange Commission, Jeld-Wen also said it had “identified material weaknesses” in its internal control over financial reporting.

The company said that while drawing up its 2015 financial statements, it failed to identify potential misstatements, including the calculation of income tax expense.

Jeld-Wen said it had begun a remediation process. The company added that a failure to address the issue could affect investor confidence in the accuracy of its financial statements, as well as its stock price.

The Charlotte, North Carolina-based company, controlled by Canadian private equity firm Onex Corp, said Barclays, Citigroup, Credit Suisse, and J.P. Morgan were underwriting the IPO.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

The Wall Street Journal, citing sources, reported in August that Jeld-Wen’s IPO could raise around US$600 million.

Jeld-Wen’s filing did not reveal how many shares the company planned to sell or their expected price. The company also did not disclose where it intended to list its stock.

Update: Toronto-based Onex has invested US$985 million in Jeld-Wen since an initial investment made in October 2011. According to its website, Onex currently has an 83 percent ownership interest in the company.

(Reporting by Richa Naidu)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)

Photo courtesy of Jeld-Wen Inc