Clayton Dubilier & Rice Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Clayton Dubilier & Rice has acquired 16 companies. It has also invested in 5 others.

Clayton Dubilier & Rice’s most common sectors for investment aredistribution (19%) and healthcare services (11%) . The Firm’s most common investment types include divestiture (31%) and secondary buyout (27%). In total, Clayton Dubilier & Rice 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.

In the last 3 years, Clayton Dubilier & Rice has exited 10 companies. The Firm’s most common exit type is ipo (43%). Clayton Dubilier & Rice’s largest (disclosed) exit occurred in 2021 when it sold Solenis for $5.3B.

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M&A Summary

  • M&A Total Activity121
    • M&A Buy Activity79
    • M&A Sell Activity42
  • Total Sectors Invested 27
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 56
  • M&A Advisors 35

Clayton, Dubilier & Rice (CD&R)

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (5.2/yr) # 53 5 4 6 8 3 79
vol $62.7B $2.4B $885M $9.5B $9.8B $85.3B
Sell (2.4/yr) # 30 2 4 1 5 - 42
vol $19.9B $1.3B $9.2B $30.4B
  121

Most Recent M&A

Company Date Value Type
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 LP 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
Multi-Color Corp. 2021-07-02 - Secondary Buyout
Batavia, Ohio · www.mcclabel.com
Vera Whole Health, Inc. 2021-07-01 - Growth Capital
Seattle, Washington · www.verawholehealth.com
Cloudera, Inc. 2021-06-01 5.3B USD Going Private
Santa Clara, California · www.cloudera.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
S&S Activewear LLC 2021-03-12 TSC Apparel 2021-11-23 1
Bolingbrook, Illinois · www.ssactivewear.com Blue Ash, Ohio · www.tscapparel.com
Multi-Color Corp. 2021-07-02 Hexagon Holdings Ltd. 2021-10-01 1
Batavia, Ohio · www.mcclabel.com Auckland, New Zealand · www.hexagonholdings.co.nz
Brand Industrial Services, Inc. 2013-11-26 Brace Industrial Group, Inc. 2021-08-03 13
Kennesaw, Georgia · www.beis.com Houston, Texas · www.brace.com
Artera Services LLC 2018-08-22 Feeney Utility Services Group 2021-05-27 5
Atlanta, Georgia · www.artera.com Dorchester, Massachusetts · www.feeneygroup.com
Brand Industrial Services, Inc. 2013-11-26 Big City Access, Inc. 2020-12-02 12
Kennesaw, Georgia · www.beis.com Houston, Texas · www.bigcityaccess.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 6 (17%) 474M (2%) 15 (19%) 25.2B (30%)
Healthcare Services 4 (11%) 910M (4%) 8 (10%) 4.1B (5%)
Business Services 4 (11%) 3.7B (16%) 7 (9%) 3.7B (4%)
Consumer Services 2 (6%) 4.0B (17%) 6 (8%) 24.5B (29%)
Building Materials 2 (6%) 6.2B (27%) 5 (6%) 8.6B (10%)
Retail 3 (9%) 1.8B (8%) 5 (6%) 1.8B (2%)
Consumer Products 2 (6%) - 4 (5%) 1.0B (1%)
Medical Products 3 (9%) - 4 (5%) -
Software 2 (6%) 5.3B (23%) 2 (3%) 5.3B (6%)
Engineering - - 2 (3%) 2.4B (3%)
Chemicals - - 2 (3%) 1.8B (2%)
Packaging 1 (3%) - 2 (3%) 1.7B (2%)
Marketing 1 (3%) 885M (4%) 2 (3%) 885M (1%)
Food 1 (3%) - 2 (3%) -
Technology Hardware - - 1 (1%) 1.6B (2%)
Aerospace - - 1 (1%) 1.2B (1%)
Communications - - 1 (1%) 1.1B (1%)
Financial Services - - 1 (1%) 360M (< 1%)
Automotive 1 (3%) - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Defense - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Franchising 1 (3%) - 1 (1%) -
Information Technology - - 1 (1%) -
Manufacturing - - 1 (1%) -
Restaurants 1 (3%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 35 $23.3B 79 $85.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 24 (69%) 17.5B (75%) 57 (72%) 74.3B (87%)
  Illinois 2 (6%) - 8 (10%) 12.3B (14%)
  Texas 2 (6%) 395M (2%) 8 (10%) 1.6B (2%)
  Georgia 4 (11%) - 6 (8%) 9.0B (11%)
  Tennessee 2 (6%) - 6 (8%) 8.7B (10%)
  Florida 3 (9%) 910M (4%) 4 (5%) 15.9B (19%)
  North Carolina 1 (3%) 5.8B (25%) 4 (5%) 8.2B (10%)
  Ohio 2 (6%) - 3 (4%) -
  Pennsylvania 1 (3%) 1.1B (5%) 3 (4%) 3.0B (4%)
  Washington 2 (6%) - 2 (3%) -
  Maine 1 (3%) 4.0B (17%) 2 (3%) 4.0B (5%)
  Kentucky 1 (3%) - 2 (3%) 1.6B (2%)
  California 1 (3%) 5.3B (23%) 1 (1%) 5.3B (6%)
  New York 1 (3%) - 1 (1%) -
  Massachusetts 1 (3%) - 1 (1%) -
  Missouri - - 1 (1%) 2.5B (3%)
  Delaware - - 1 (1%) 1.8B (2%)
  Connecticut - - 1 (1%) 415M (< 1%)
  South Carolina - - 1 (1%) -
  New Jersey - - 1 (1%) -
  Montana - - 1 (1%) -
United Kingdom 7 (20%) 2.1B (9%) 12 (15%) 2.1B (2%)
France 2 (6%) - 4 (5%) 2.4B (3%)
Germany 1 (3%) - 2 (3%) 1.7B (2%)
Ireland 1 (3%) 3.7B (16%) 1 (1%) 3.7B (4%)
Italy - - 1 (1%) 1.1B (1%)
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 24 (69%) 17.5B (75%) 57 (72%) 74.3B (87%)
Cross-border 11 (31%) 5.8B (25%) 22 (28%) 11.0B (13%)
Total 35 $23.3B 79 $85.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 8 (23%) 869M (4%) 24 (30%) 41.9B (49%)
Secondary Buyout 11 (31%) 2.7B (12%) 21 (27%) 11.4B (13%)
Buyout (LBO, MBO, MBI) 4 (11%) - 9 (11%) 1.2B (1%)
Going Private 5 (14%) 19.7B (85%) 8 (10%) 30.8B (36%)
Stake Purchase 3 (9%) - 7 (9%) -
Growth Capital 3 (9%) - 4 (5%) -
Recapitalization 1 (3%) - 3 (4%) -
PIPE - - 2 (3%) -
Consolidation - - 1 (1%) -
Total 35 $23.3B 79 $85.3B

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
Deutsche Bank Corporate & Investment Banking
14
Bank of America Merrill Lynch (BofA Securities)
13
J.P. Morgan Securities LLC
11
Legal Deals
Debevoise & Plimpton LLP
52
Clifford Chance LLP
6
Kirkland & Ellis LLP
5

Deal Values

buy # Total
> $1B 20 $79.7B
$100M to $1B 10 $5.6B
TOTAL $85.3B
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%
19 (24%)
Strategic(s)
33%
26 (33%)
Exited to
Investor(s)
17%
7 (17%)
Strategic(s)
36%
15 (36%)

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