A Canadian investment firm plans to purchase a majority stake in Jeld-Wen Inc., the parent company that controls Kellogg-based Silver Mountain.

Onex Corp., out of Toronto, had originally agreed to purchasing a minority stake in the company, but now will now own at least 58 percent of Jeld-Wen after agreeing to an $864 million deal.

Jeld-Wen has reportedly been interested in selling away its stake in Silver Mountain. John Williams, director of sales and marketing at Silver Mountain did not respond to phone calls.

On top of its ownership stake, Onex will receive half of Jeld-Wen's board seats, and will appoint a new president: Philip Orsino, Onex's building products industrial partner.

The deal announced Monday supercedes a previous arrangement in May, when Onex announced plans to pay $475 million for a 39 percent stake in privately held Jeld-Wen.

Instead, Onex will pay $675 million for the majority stake. It will also issue an $189 million loan to be paid off within 18 months by the sale of unspecified "noncore" Jeld-Wen assets; failing that, the loan converts to stock.

The collapse of the U.S. housing market hammered Jeld-Wen. Business research site Hoover's reports that sales fell 26 percent between 2007 and 2009, to $2.5 billion. Jeld-Wen said revenue totaled $3 billion last year.

Jeld-Wen had planned on refinancing some outstanding debt, said company communications director Teri Cline, but held off due to continued volatility in the bond market.

Eventually, Jeld-Wen and Onex decided that selling more of the company made better sense than waiting out the bond market.

"It lessens the amount that we need to go sell in private placement of bonds," Cline said.

Existing shareholders, including the trust of Jeld-Wen co-founder Richard Wendt and family members, will retain a minority stake. Rod Wendt is the son of Richard Wendt, who died a year ago at the age of 79.

"They're very excited about the deal," Cline said. "They wanted to do what was best for the long-term vision of the company."

Jeld-Wen employs about 20,000 workers, including 1,200 in Klamath County, according to Trey Senn, director of the Klamath County Economic Development Association.

The Associated Press contributed to this story.