Onex Corp. amended its agreement to invest in Jeld-Wen Holdings by increasing the amount of its invested in the window and door manufacturer from $675 million to $864 million, the company announced on Monday.

The investment will be broken down into two parts with $675 million coming in convertible preferred stock, which represents a 58% stake in ownership, and a $189 million convertible not that can be redeemed within 18 months with sales proceeds from the sale on certain non-core assets. If not redeemed, the note will turn into additional shares of preferred stock. The company will continue to operate in the private sector.

"Our investment thesis for this proprietary opportunity has not changed," said Anthony Munk, managing director of Onex. "We believe Jeld-Wen is very well positioned to take advantage of the eventual recovery in global housing markets given its competitive position and well-known brands in markets around the world."

The transaction is expected to close in the third quarter following regulatory approval, completion of associated debt financing and any other obligations. Jeld-Wen will continue to be owned by the trust of the late founder Richard Wendt, members of the Wendt family, company employees and other current shareholders.

Rod Wendt, the founder's son, will continue as CEO. Philip Orsino, Onex's building products industrial partner, will take over as president. Orsino was CEO of Masonite International until 2005.

"I look forward to welcoming Philip to our executive team," said Wendt. "Many of us at Jeld-Wen have known him for years and we admire his leadership in our industry. I have a great deal of respect for his knowledge, track record and expertise."

Onex is a North American investment firm based out of Toronto. Its businesses generate annual revenues of $35 billion, have assets of $39 billion and employ more than 200,000 people world wide.