CD&R Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, CD&R has acquired 6 companies.

CD&R’s most common sectors for investment aredistribution (20%) and healthcare services (10%) . The Firm’s most common investment types include divestiture (30%) and secondary buyout (27%). In total, CD&R has invested in 20 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2005 when it acquired Hertz Global Holdings for $15.0B.

The Firm’s most common exit type is ipo (43%). CD&R’s largest (disclosed) exit occurred in 2021 when it sold Solenis for $5.3B.

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M&A Summary

  • M&A Total Activity124
    • M&A Buy Activity82
    • M&A Sell Activity42
  • Total Sectors Invested 26
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 56
  • M&A Advisors 38

CD&R

Clayton, Dubilier & Rice, LLC

375 Park Avenue, 18th Floor,
New York, New York 10152
United States
(212) 407-5200
www.cdr-inc.com

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Engineering, Food, Healthcare Services, Information Services, Manufacturing, Medical Products, Retail, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Growth Capital, Recapitalization, PIPE, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.8/yr) # 68 8 3 3 - - 82
vol $66.0B $9.5B $9.8B $7.0B $92.3B
Sell (1.0/yr) # 37 5 - - - - 42
vol $21.2B $9.2B $30.4B
  124

Most Recent M&A

Company Date Value Type
Veritiv Corp. 2023-08-07 - Going Private
Atlanta, Georgia · www.veritivcorp.com
Focus Financial Partners LLC 2023-02-27 7.0B USD Going Private
New York, New York · www.focusfinancialpartners.com
Pursuit Aerospace 2023-02-16 - Consolidation
Manchester, Connecticut · www.pursuitaero.com
Covetrus, Inc. 2022-05-25 4.0B USD Going Private
Portland, Maine · www.covetrus.com
Humana, Inc. - Home Hospice and Personal Care Divisions 2022-04-21 - Divestiture
Louisville, Kentucky
Cornerstone Building Brands, Inc. 2022-03-07 5.8B USD Going Private
Cary, North Carolina · www.cornerstonebuildingbrands.com
Vialto Partners 2021-10-19 - Divestiture
London, United Kingdom
Sirius Computer Solutions, Inc. 2021-10-18 2.5B USD Add-on Acquisition
San Antonio, Texas · www.siriuscom.com
Core & Main, Inc. 2021-07-14 - IPO
St. Louis, Missouri · www.coreandmain.com
Solenis LLC 2021-07-06 5.3B USD Secondary Buyout
Wilmington, Delaware · www.solenis.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pursuit Aerospace 2023-02-16 Dynamic Precision Group, Inc. 2023-02-16 2
Manchester, Connecticut · www.pursuitaero.com Stuart, Florida
Pursuit Aerospace 2023-02-16 Whitcraft LLC 2023-02-16 1
Manchester, Connecticut · www.pursuitaero.com Eastford, Connecticut · www.whitcraft.com
S&S Activewear LLC 2021-03-12 Ouray Sportswear LLC 2023-01-03 1
Bolingbrook, Illinois · www.ssactivewear.com Englewood, Colorado · www.ouraysportswear.com
Huntsworth PLC 2020-05-01 Evoke Group 2022-12-07 1
London, United Kingdom · www.huntsworth.com New York, New York · www.evokegroup.com
Epicor Software Corp. 2020-08-31 Evron Computer Systems - Professional Services Assets 2022-11-01 7
Austin, Texas · www.epicor.com Markham, Ontario
Cornerstone Building Brands, Inc. 2022-03-07 Cornerstone Building Brands, Inc. - Coil Coatings Business 2022-04-11 1
Cary, North Carolina · www.cornerstonebuildingbrands.com Mount Waverley, Australia
Carestream Dental LLC 2017-04-13 Carestream Dental's Intra-Oral Scanner (IOS) Business 2021-12-22 1
Atlanta, Georgia · www.carestreamdental.com Atlanta, Georgia
Wolseley UK Ltd. 2021-01-04 Neville Lumb 2021-12-13 3
Royal Leamington Spa, United Kingdom · www.wolseley.co.uk Leicestershire, United Kingdom · www.nevillelumb.co.uk
Wolseley UK Ltd. 2021-01-04 Bassetts 2021-12-13 2
Royal Leamington Spa, United Kingdom · www.wolseley.co.uk Leicestershire, United Kingdom · www.bassettsonline.com
Wolseley UK Ltd. 2021-01-04 DHS Ltd. 2021-12-13 1
Royal Leamington Spa, United Kingdom · www.wolseley.co.uk Guernsey, United Kingdom · www.dhs.gg

M&A by Sector

Sector Current # Value All-time # Value
Distribution 7 (18%) 474M (2%) 16 (20%) 25.2B (27%)
Healthcare Services 4 (11%) 910M (3%) 8 (10%) 4.1B (4%)
Business Services 4 (11%) 3.7B (12%) 7 (9%) 3.7B (4%)
Consumer Services 2 (5%) 4.0B (13%) 6 (7%) 24.5B (27%)
Building Materials 2 (5%) 6.2B (20%) 5 (6%) 8.6B (9%)
Retail 3 (8%) 1.8B (6%) 5 (6%) 1.8B (2%)
Consumer Products 2 (5%) - 4 (5%) 1.0B (1%)
Medical Products 3 (8%) - 4 (5%) -
Financial Services 1 (3%) 7.0B (23%) 2 (2%) 7.4B (8%)
Software 2 (5%) 5.3B (18%) 2 (2%) 5.3B (6%)
Engineering - - 2 (2%) 2.4B (3%)
Chemicals - - 2 (2%) 1.8B (2%)
Packaging 1 (3%) - 2 (2%) 1.7B (2%)
Aerospace 1 (3%) - 2 (2%) 1.2B (1%)
Marketing 1 (3%) 885M (3%) 2 (2%) 885M (1%)
Food 1 (3%) - 2 (2%) -
Restaurants 2 (5%) - 2 (2%) -
Technology Hardware - - 1 (1%) 1.6B (2%)
Communications - - 1 (1%) 1.1B (1%)
Automotive 1 (3%) - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Information Technology - - 1 (1%) -
Manufacturing - - 1 (1%) -
Transportation - - 1 (1%) -
Total 38 $30.3B 82 $92.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (71%) 24.5B (81%) 60 (73%) 81.3B (88%)
  Illinois 2 (5%) - 8 (10%) 12.3B (13%)
  Texas 2 (5%) 395M (1%) 8 (10%) 1.6B (2%)
  Georgia 5 (13%) - 7 (9%) 9.0B (10%)
  Tennessee 2 (5%) - 6 (7%) 8.7B (9%)
  Florida 3 (8%) 910M (3%) 4 (5%) 15.9B (17%)
  North Carolina 1 (3%) 5.8B (19%) 4 (5%) 8.2B (9%)
  Ohio 2 (5%) - 3 (4%) -
  Pennsylvania 1 (3%) 1.1B (3%) 3 (4%) 3.0B (3%)
  New York 2 (5%) 7.0B (23%) 2 (2%) 7.0B (8%)
  Washington 2 (5%) - 2 (2%) -
  Maine 1 (3%) 4.0B (13%) 2 (2%) 4.0B (4%)
  Kentucky 1 (3%) - 2 (2%) 1.6B (2%)
  Connecticut 1 (3%) - 2 (2%) 415M (< 1%)
  California 1 (3%) 5.3B (18%) 1 (1%) 5.3B (6%)
  Massachusetts 1 (3%) - 1 (1%) -
  Missouri - - 1 (1%) 2.5B (3%)
  Delaware - - 1 (1%) 1.8B (2%)
  South Carolina - - 1 (1%) -
  New Jersey - - 1 (1%) -
  Montana - - 1 (1%) -
United Kingdom 7 (18%) 2.1B (7%) 12 (15%) 2.1B (2%)
France 2 (5%) - 4 (5%) 2.4B (3%)
Germany 1 (3%) - 2 (2%) 1.7B (2%)
Ireland 1 (3%) 3.7B (12%) 1 (1%) 3.7B (4%)
Italy - - 1 (1%) 1.1B (1%)
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 27 (71%) 24.5B (81%) 60 (73%) 81.3B (88%)
Cross-border 11 (29%) 5.8B (19%) 22 (27%) 11.0B (12%)
Total 38 $30.3B 82 $92.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 8 (21%) 869M (3%) 24 (29%) 41.9B (45%)
Secondary Buyout 12 (32%) 2.7B (9%) 22 (27%) 11.4B (12%)
Going Private 7 (18%) 26.7B (88%) 10 (12%) 37.8B (41%)
Buyout (LBO, MBO, MBI) 4 (11%) - 9 (11%) 1.2B (1%)
Stake Purchase 3 (8%) - 7 (9%) -
Growth Capital 2 (5%) - 3 (4%) -
Recapitalization 1 (3%) - 3 (4%) -
Consolidation 1 (3%) - 2 (2%) -
PIPE - - 2 (2%) -
Total 38 $30.3B 82 $92.3B

Exits by Deal Type

Type Total # Value
IPO 18 (43%) -
Trade Sale - Public Company 11 (26%) 21.8B (72%)
Secondary Sale 5 (12%) 6.4B (21%)
Trade Sale 3 (7%) 2.3B (8%)
Bankruptcy 3 (7%) -
Merger 1 (2%) -
Recapitalization 1 (2%) -
Total 42 $30.4B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch (BofA Securities)
 14
Deutsche Bank Corporate & Investment Banking
 14
J.P. Morgan Securities
 11
Legal Deals
Debevoise & Plimpton LLP
 53
Clifford Chance
 6
Kirkland & Ellis
 6

Deal Values

buy # Total
> $1B 21 $86.7B
$100M to $1B 10 $5.6B
TOTAL $92.3B
Largest Hertz Global Holdings, Inc.
$15.0B (2005-09-11)
sell # Total
> $1B 13 $29.7B
$100M to $1B 1 $745M
TOTAL $30.4B
Largest Solenis LLC
$5.3B (2021-07-06)

M&A Connections

Deals
Acquired from
Investor(s)
24%
20 (24%)
Strategic(s)
32%
26 (32%)
Exited to
Investor(s)
17%
7 (17%)
Strategic(s)
36%
15 (36%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

30.0B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Nathan Sleeper

CEO

Donald Gogel

Chairman

Joseph Rice, III

Founder

Roberto Quarta

Chairman, CD&R Europe

David Novak

Co-President

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