Onex Completes Investment in JELD-WEN

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2011) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation (TSX:OCX) and its affiliates (the "Onex Group") today announced the completion of their investment in JELD-WEN Holding, inc., one of the world's largest residential door and window manufacturers. The total investment of $871 million includes $689 million from Onex Partners III, of which Onex' share was $124 million as a limited partner in the Fund, and Onex' $182 million investment as a co-investor in the transaction. Onex intends to offer a portion of this co-investment to its third-party limited partners. With the completion of the JELD-WEN investment, Onex Partners III is approximately 40% invested.

The Onex Group's total investment of $871 million includes: (i) $700 million of convertible preferred stock to acquire a 58% ownership stake; and (ii) a $171 million convertible note that can be redeemed within 18 months with proceeds from the sale of certain non-core assets and, if not redeemed, will convert into additional shares of convertible preferred stock. In connection with the acquisition, JELD-WEN completed a $460 million bond offering, the proceeds of which in combination with the Onex Group's investment were used to refinance the company's existing debt.

The balance of the company continues to be owned by the trust of the late founder Mr. Richard Wendt, members of the Wendt family, JELD-WEN employees and other existing shareholders. JELD-WEN's corporate culture remains firmly rooted and intact, with the company continuing to be privately owned and headquartered in Klamath Falls, Oregon.

"As an industry-leading business with tremendous brand awareness, strong market positioning, and truly global operations, JELD-WEN fits very well with our investment approach," said Mr. Anthony Munk, a Managing Director of Onex. "We are excited to be working with the JELD-WEN team to build value and take advantage of the eventual recovery in global housing markets."

"This is a very exciting time for JELD-WEN," commented Mr. Rod Wendt, Chief Executive Officer of JELD-WEN. "We believe that Onex' strategic guidance and experience combined with our strong balance sheet, brand and market position will allow us to further grow the company and strengthen our competitive position."

In August, Mr. Philip Orsino, Onex' building products industrial partner, was appointed by the JELD-WEN Board of Directors as JELD-WEN's President. Mr. Orsino was formerly the CEO of Masonite International until 2005 and has spent more than 25 years in the global door and window manufacturing business. Mr. Orsino is now responsible for JELD-WEN's day-to-day operations and is working with the management team to improve the company's overall operational and financial performance.

About Onex

Onex is one of North America's oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, credit securities and real estate. In total, the company manages approximately $14 billion, of which $9 billion is third-party capital. As well, Onex invests its own capital directly and as a substantial limited partner in each of its Funds.

Onex' businesses generate annual revenues of $38 billion, have assets of $41 billion and employ approximately 230,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

About JELD-WEN

JELD-WEN is one of the world's leading manufacturers of reliable windows and doors. Consistently ranked as Oregon's largest privately owned company, JELD-WEN began in 1960 as a small Oregon millwork plant with 15 employees and today has approximately 20,000 employees across more than 100 locations in the Americas, Europe, Asia and Australia. The company's extensive product offering encompasses windows, exterior doors, interior doors and related building products that are sold globally through multiple distribution channels, including retail home centers, wholesale distributors and building products dealers. JELD-WEN has been an ENERGY STAR Partner since 1998. For more information on JELD-WEN, visit www.jeld-wen.com.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.