Clayton Dubilier & Rice Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Clayton Dubilier & Rice has acquired 14 companies. It has also invested in 6 others.

Clayton Dubilier & Rice’s most common sectors for investment are distribution (21%) and consumer services (9%). The Firm’s most common investment types include divestiture (31%) and secondary buyout (28%). 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 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 for $4.3B.

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M&A Summary

  • M&A Total Activity112
    • M&A Buy Activity73
    • M&A Sell Activity39
  • Total Sectors Invested 26
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 52
  • M&A Advisors 32

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (5.2/yr) # 47 6 5 4 6 5 73
vol $60.2B $2.5B $2.4B $885M $9.5B $75.5B
Sell (2.2/yr) # 28 2 2 4 1 2 39
vol $17.6B $2.3B $1.3B $1.5B $22.7B
  112

Most Recent M&A

Company Date Value Type
Cloudera, Inc. 2021-06-01 5.3B USD Going Private
Santa Clara, California · www.cloudera.com
UDG Healthcare plc 2021-05-12 3.7B USD Going Private
Dublin, Ireland · www.udghealthcare.com
agilon health 2021-04-14 - IPO
Long Beach, California · www.agilonhealth.com
M2GEN Corp. 2021-03-17 - Recapitalization
Tampa, Florida · www.m2gen.com
S&S Activewear LLC 2021-03-12 - Buyout (LBO, MBO, MBI)
Bolingbrook, Illinois · www.ssactivewear.com
Capco 2021-03-04 1.5B USD Add-on Acquisition
London, United Kingdom · www.capco.com
Wolseley UK Ltd. 2021-01-04 474M GBP Divestiture
Royal Leamington Spa, United Kingdom · www.wolseley.co.uk
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Artera Services LLC 2018-08-22 Feeney Utility Services Group 2021-05-27 4
Atlanta, Georgia · www.artera.com Dorchester, Massachusetts · www.feeneygroup.com
Brand Industrial Services, Inc. 2013-11-26 Big City Access, Inc. 2020-12-02 11
Kennesaw, Georgia · www.beis.com Houston, Texas · www.bigcityaccess.com
BUT SAS 2016-06-29 Conforama France SA 2020-07-08 1
Emerainville, France · www.but.fr Lognes, France · www.conforama.fr
Artera Services LLC 2018-08-22 Miller Pipeline and Minnesota Ltd. 2020-02-03 3
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
SOCOTEC 2013-02-07 Schollenberger Kampfmittelbergung GmbH 2018-11-09 4
Saint-Quentin-Yvelines, France · www.socotec.com Celle, Germany · www.schollenberger.de
Artera Services LLC 2018-08-22 Culy Contracting, Inc. 2018-09-10 1
Atlanta, Georgia · www.artera.com Winchester, Indiana · www.culycontracting.com
SunSource Holdings, Inc. 2017-11-02 Ryan Herco Flow Solutions, Inc. 2018-04-30 2
Addison, Illinois · www.sun-source.com Burbank, California · www.rhfs.com
Brand Industrial Services, Inc. 2013-11-26 Venko Groep B.V. 2018-01-22 10
Kennesaw, Georgia · www.beis.com Hoogeveen, Netherlands · www.venko.nl
TruGreen Ltd. 2013-12-31 Lawn Dawg, Inc. 2017-09-25 2
Memphis, Tennessee · www.trugreen.com Nashua, New Hampshire · www.lawndawg.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 7 (22%) 3.0B (17%) 15 (21%) 25.2B (33%)
Consumer Services 2 (6%) - 6 (8%) 20.5B (27%)
Healthcare Services 2 (6%) 910M (5%) 6 (8%) 4.1B (5%)
Business Services 2 (6%) 3.7B (21%) 5 (7%) 3.7B (5%)
Retail 3 (9%) 1.8B (10%) 5 (7%) 1.8B (2%)
Building Materials 1 (3%) 395M (2%) 4 (5%) 2.8B (4%)
Consumer Products 2 (6%) - 4 (5%) 415M (1%)
Medical Products 3 (9%) - 4 (5%) -
Software 2 (6%) 5.3B (30%) 2 (3%) 5.3B (7%)
Engineering - - 2 (3%) 2.4B (3%)
Chemicals 1 (3%) 1.8B (10%) 2 (3%) 1.8B (2%)
Marketing 1 (3%) 885M (5%) 2 (3%) 885M (1%)
Energy Services and Equipment 1 (3%) - 2 (3%) -
Food 1 (3%) - 2 (3%) -
Packaging - - 1 (1%) 1.7B (2%)
Technology Hardware - - 1 (1%) 1.6B (2%)
Aerospace - - 1 (1%) 1.2B (2%)
Communications - - 1 (1%) 1.1B (1%)
Machinery - - 1 (1%) 610M (1%)
Financial Services - - 1 (1%) 360M (< 1%)
Construction 1 (3%) - 1 (1%) -
Franchising 1 (3%) - 1 (1%) -
Information Technology 1 (3%) - 1 (1%) -
Manufacturing - - 1 (1%) -
Restaurants 1 (3%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 32 $17.8B 73 $75.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 22 (69%) 12.0B (67%) 52 (71%) 64.5B (85%)
  Illinois 2 (6%) - 8 (11%) 12.3B (16%)
  Texas 3 (9%) 395M (2%) 7 (10%) 1.6B (2%)
  Georgia 4 (13%) - 6 (8%) 9.0B (12%)
  Tennessee 2 (6%) - 6 (8%) 8.7B (12%)
  Florida 3 (9%) 910M (5%) 4 (5%) 15.9B (21%)
  Pennsylvania 1 (3%) 1.1B (6%) 3 (4%) 3.0B (4%)
  North Carolina - - 3 (4%) 2.4B (3%)
  California 1 (3%) 5.3B (30%) 2 (3%) 5.3B (7%)
  Ohio 1 (3%) - 2 (3%) -
  Missouri 1 (3%) 2.5B (14%) 1 (1%) 2.5B (3%)
  Delaware 1 (3%) 1.8B (10%) 1 (1%) 1.8B (2%)
  Washington 1 (3%) - 1 (1%) -
  New York 1 (3%) - 1 (1%) -
  Massachusetts 1 (3%) - 1 (1%) -
  Kentucky - - 1 (1%) 1.6B (2%)
  Connecticut - - 1 (1%) 415M (1%)
  South Carolina - - 1 (1%) -
  New Jersey - - 1 (1%) -
  Montana - - 1 (1%) -
  Maine - - 1 (1%) -
United Kingdom 6 (19%) 2.1B (12%) 11 (15%) 2.1B (3%)
France 2 (6%) - 4 (5%) 2.4B (3%)
Germany 1 (3%) - 2 (3%) 1.7B (2%)
Ireland 1 (3%) 3.7B (21%) 1 (1%) 3.7B (5%)
Italy - - 1 (1%) 1.1B (1%)
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 22 (69%) 12.0B (67%) 52 (71%) 64.5B (85%)
Cross-border 10 (31%) 5.8B (33%) 21 (29%) 11.0B (15%)
Total 32 $17.8B 73 $75.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 8 (25%) 5.2B (29%) 22 (30%) 41.9B (56%)
Secondary Buyout 11 (34%) 2.7B (15%) 20 (27%) 11.4B (15%)
Buyout (LBO, MBO, MBI) 4 (13%) - 9 (12%) 1.2B (2%)
Stake Purchase 3 (9%) - 7 (10%) -
Going Private 3 (9%) 9.9B (56%) 6 (8%) 21.0B (28%)
Growth Capital 2 (6%) - 3 (4%) -
Recapitalization 1 (3%) - 3 (4%) -
PIPE - - 2 (3%) -
Consolidation - - 1 (1%) -
Total 32 $17.8B 73 $75.5B

Exits by Deal Type

Type Total # Value
IPO 17 (44%) -
Trade Sale - Public Company 10 (26%) 19.3B (85%)
Secondary Sale 4 (10%) 1.1B (5%)
Trade Sale 3 (8%) 2.3B (10%)
Bankruptcy 3 (8%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 39 $22.7B

Top M&A Advisors

Financial Deals
Deutsche Bank Corporate & Investment Banking
 11
Bank of America Merrill Lynch (BofA Securities)
 11
Credit Suisse Investment Banking
 10
Legal Deals
Debevoise & Plimpton LLP
 45
Clifford Chance LLP
 6
Kirkland & Ellis LLP
 3

Deal Values

buy # Total
> $1B 18 $69.9B
$100M to $1B 10 $5.6B
TOTAL $75.5B
Largest Hertz Global Holdings, Inc.
$15.0B (2005-09-11)
sell # Total
> $1B 11 $21.9B
$100M to $1B 1 $745M
TOTAL $22.7B
Largest Diversey, Inc.
$4.3B (2011-06-01)

M&A Connections

Deals
Acquired from
Investor(s)
26%
19 (26%)
Strategic(s)
33%
24 (33%)
Exited to
Investor(s)
13%
5 (13%)
Strategic(s)
36%
14 (36%)

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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