Clayton Dubilier & Rice Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Clayton Dubilier & Rice has acquired 12 companies. It has also invested in 8 others.

Clayton Dubilier & Rice’s most common sectors for investment are distribution (20%) and consumer services (9%). The Firm’s most common investment types include divestiture (32%) and secondary buyout (29%). In total, Clayton Dubilier & Rice has invested in 20 US states and 7 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 9 companies. The Firm’s most common exit type is ipo (44%). Clayton Dubilier & Rice’s largest (disclosed) exit occurred in 2011 when it sold Diversey Holdings for $4.3B.

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M&A Summary

  • M&A Total Activity104
    • M&A Buy Activity67
    • M&A Sell Activity37
  • Total Sectors Invested 25
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 50
  • M&A Advisors 29

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (5.0/yr) # 42 5 6 5 3 6 67
vol $59.8B $415M $2.5B $2.4B $885M $66.0B
Sell (2.4/yr) # 25 3 2 2 4 1 37
vol $17.6B $2.3B $1.3B $21.2B
  104

Most Recent M&A

Company Date Value Type
Epicor Software Corp. 2020-08-31 - Secondary Buyout
Austin, Texas · www.epicor.com
HD Supply Holdings, Inc. - Construction & Industrial Business (White Cap) 2020-08-11 - Divestiture
Norcross, Georgia · www.whitecap.com
Cheney Bros., Inc. 2020-07-23 - Growth Capital
Riviera Beach, Florida · www.cheneybrothers.com
SIG plc 2020-05-29 - Stake Purchase
Sheffield, United Kingdom · www.sigplc.com
NaviHealth, Inc. 2020-05-18 - Add-on Acquisition
Brentwood, Tennessee · www.navihealth.us
Radio Systems Corp. 2020-05-11 - Buyout (LBO, MBO, MBI)
Knoxville, Tennessee · www.petsafe.net
Huntsworth PLC 2020-05-01 885M GBP Going Private
London, United Kingdom · www.huntsworth.com
High Ridge Brands Co. 2019-12-01 - Bankruptcy
Stamford, Connecticut · www.highridgebrands.com
Cynosure, Inc. 2019-11-20 - Divestiture
Westford, Massachusetts · www.cynosure.com
SmileDirectClub, Inc. 2019-09-12 - IPO
Nashville, Tennessee · www.smiledirectclub.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Artera Services LLC 2018-08-22 Otis Eastern Service LLC 2020-08-26 2
Atlanta, Georgia · www.artera.com Wellsville, New York · www.otiseastern.com
Core & Main LP 2017-06-06 Water Works Supply Co., Inc. 2020-07-14 5
St. Louis, Missouri · www.coreandmain.com Pompton Plains, New Jersey · www.wwscnj.com
BUT SAS 2016-06-29 Conforama France SA 2020-07-08 1
Emerainville, France · www.but.fr Lognes, France · www.conforama.fr
Core & Main LP 2017-06-06 R&B Company LLC 2020-03-02 4
St. Louis, Missouri · www.coreandmain.com San Jose, California · www.rbcompany.com
Artera Services LLC 2018-08-22 Miller Pipeline and Minnesota Ltd. 2020-02-03 1
Atlanta, Georgia · www.artera.com Indianapolis, Indiana · www.mvergecompany.com
SOCOTEC 2013-02-07 Vidaris, Inc. 2019-09-03 5
Saint-Quentin-Yvelines, France · www.socotec.com New York, New York · www.vidaris.com
Brand Industrial Services, Inc. 2013-11-26 SYN-Service 2019-08-08 9
Kennesaw, Georgia · www.beis.com , United States
SOCOTEC 2013-02-07 Expert Habitat & Industrie Groupe 2019-04-24 4
Saint-Quentin-Yvelines, France · www.socotec.com PARIS, France · www.experthabitat.com
Brand Industrial Services, Inc. 2013-11-26 Century Elevators 2019-02-22 8
Kennesaw, Georgia · www.beis.com Webster, Texas · www.centuryelevators.com
Brand Industrial Services, Inc. 2013-11-26 Lyndon Scaffolding 2019-01-03 7
Kennesaw, Georgia · www.beis.com Birmingham, United Kingdom · www.lyndonscaffolding.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Distribution 5 (18%) 2.5B (30%) 13 (19%) 24.7B (37%)
Consumer Services 2 (7%) - 6 (9%) 20.5B (31%)
Healthcare Services 2 (7%) 910M (11%) 5 (7%) 4.1B (6%)
Retail 3 (11%) 1.8B (22%) 5 (7%) 1.8B (3%)
Consumer Products 2 (7%) - 5 (7%) 1.0B (2%)
Building Materials 1 (4%) 395M (5%) 4 (6%) 2.8B (4%)
Business Services 2 (7%) - 4 (6%) -
Medical Products 3 (11%) - 4 (6%) -
Engineering - - 2 (3%) 2.4B (4%)
Marketing 1 (4%) 885M (11%) 2 (3%) 885M (1%)
Energy Services and Equipment 1 (4%) - 2 (3%) -
Food 1 (4%) - 2 (3%) -
Chemicals 1 (4%) 1.8B (22%) 1 (1%) 1.8B (3%)
Packaging - - 1 (1%) 1.7B (3%)
Technology Hardware - - 1 (1%) 1.6B (2%)
Aerospace - - 1 (1%) 1.2B (2%)
Communications - - 1 (1%) 1.1B (2%)
Financial Services - - 1 (1%) 360M (1%)
Franchising 1 (4%) - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Restaurants 1 (4%) - 1 (1%) -
Safety/Security 1 (4%) - 1 (1%) -
Software 1 (4%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 28 $8.3B 67 $66.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (68%) 6.7B (80%) 48 (72%) 59.2B (90%)
  Illinois 1 (4%) - 7 (10%) 12.3B (19%)
  Georgia 4 (14%) - 6 (9%) 9.0B (14%)
  Tennessee 2 (7%) - 6 (9%) 8.7B (13%)
  Texas 2 (7%) 395M (5%) 6 (9%) 1.6B (2%)
  Florida 2 (7%) 910M (11%) 3 (4%) 15.9B (24%)
  Pennsylvania 1 (4%) 1.1B (13%) 3 (4%) 3.0B (5%)
  North Carolina - - 3 (4%) 2.4B (4%)
  Ohio 1 (4%) - 2 (3%) -
  Missouri 1 (4%) 2.5B (30%) 1 (1%) 2.5B (4%)
  Delaware 1 (4%) 1.8B (22%) 1 (1%) 1.8B (3%)
  Washington 1 (4%) - 1 (1%) -
  New York 1 (4%) - 1 (1%) -
  Massachusetts 1 (4%) - 1 (1%) -
  California 1 (4%) - 1 (1%) -
  Kentucky - - 1 (1%) 1.6B (2%)
  Connecticut - - 1 (1%) 415M (1%)
  Wisconsin - - 1 (1%) -
  New Jersey - - 1 (1%) -
  Montana - - 1 (1%) -
  Maine - - 1 (1%) -
United Kingdom 6 (21%) 1.7B (20%) 10 (15%) 1.7B (3%)
France 2 (7%) - 4 (6%) 2.4B (4%)
Germany 1 (4%) - 2 (3%) 1.7B (3%)
Italy - - 1 (1%) 1.1B (2%)
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 19 (68%) 6.7B (80%) 48 (72%) 59.2B (90%)
Cross-border 9 (32%) 1.7B (20%) 19 (28%) 6.8B (10%)
Total 28 $8.3B 67 $66.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 7 (25%) 4.7B (56%) 21 (31%) 41.4B (63%)
Secondary Buyout 10 (36%) 2.7B (33%) 19 (28%) 11.4B (17%)
Buyout (LBO, MBO, MBI) 3 (11%) - 8 (12%) 1.2B (2%)
Stake Purchase 4 (14%) - 7 (10%) -
Going Private 1 (4%) 885M (11%) 4 (6%) 12.0B (18%)
Growth Capital 2 (7%) - 3 (4%) -
PIPE - - 2 (3%) -
Recapitalization - - 2 (3%) -
Consolidation 1 (4%) - 1 (1%) -
Total 28 $8.3B 67 $66.0B

Exits by Deal Type

Type Total # Value
IPO 16 (43%) -
Trade Sale - Public Company 9 (24%) 17.8B (84%)
Secondary Sale 4 (11%) 1.1B (5%)
Trade Sale 3 (8%) 2.3B (11%)
Bankruptcy 3 (8%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 37 $21.2B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 11
Bank of America Merrill Lynch
 10
Credit Suisse Investment Banking
 9
Legal Deals
Debevoise & Plimpton LLP
 43
Clifford Chance LLP
 5
McDermott Will & Emery LLP
 1

Deal Values

buy # Total
> $1B 16 $60.9B
$100M to $1B 9 $5.1B
TOTAL $66.0B
Largest Hertz Global Holdings, Inc.
$15.0B (2005-09-11)
sell # Total
> $1B 10 $20.5B
$100M to $1B 1 $745M
TOTAL $21.2B
Largest Diversey Holdings, Inc.
$4.3B (2011-06-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
53%
26 53%
Strategic(s)
47%
23 47%
Exited to
PE Firm(s)
32%
6 32%
Strategic(s)
68%
13 68%

Investor Summary

Size

Mega

PE Assets

30.0B USD

Established

1978

Specialist/Generalist

Generalist

Leadership

Donald Gogel

Chairman

Richard Schnall

Co-President

Joseph Rice, III

Founder & Chairman Emeritus

David Novak

President

Kevin Conway

Vice Chairman

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