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A majority share in the Oregon-based international manufacturer of doors and windows Jeld-Wen has been purchased by a Canadian company for at least $864 million.

Toronto-based Onex Corp., today announced plans to purchase a 58 percent stake in the Klamath Falls-founded company and take over half of its board seats. While the company will retain current CEO Rod Wendt, son of Jeld-Wen founder Richard Wendt, it will give the title of president to Philip Orsino, Onex鈥檚 building products industrial partner. Orison will have broad oversight of global operations for the company.

鈥淥ur investment thesis for this proprietary opportunity has not changed,鈥� said Anthony Munk, managing director at Onex, in a statement. 鈥淲e 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.鈥�

In May Onex made plans to purchase a 39 percent ownership interest in the company for $475 million but has now decided to take majority ownership. According to the release, the Jeld-Wen鈥檚 corporate culture will remain firmly rooted and intact and the company will continue as a private company headquartered in Klamath Falls.

Onex is an investment firm that 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. Onex also invests its own capital directly and as a substantial limited partner in each of its funds.

The company trades on the Toronto Stock Exchange as OCX.

The deal is expected to close sometime in the third quarter of this year after receiving regulatory approval.