M&A Deal Summary

Clayton Dubilier & Rice, Norwest Equity Partners, Parcom Capital and Goldman Sachs Merchant Banking Acquire Univar

On November 30, 2010, private equity firms Clayton Dubilier & Rice, Norwest Equity Partners, Parcom Capital and Goldman Sachs Merchant Banking acquired distribution company Univar for 4.2B USD

Acquisition Highlights
  • This is Clayton Dubilier & Rice’s 6th, Norwest Equity Partners’ 3rd, Parcom Capital’s 2nd and Goldman Sachs Merchant Banking’s 3rd transaction in the Distribution sector.
  • This is Clayton Dubilier & Rice’s 7th, Norwest Equity Partners’ , Parcom Capital’s and Goldman Sachs Merchant Banking’s 10th largest (disclosed) transaction.
  • This is Clayton Dubilier & Rice’s 17th, Norwest Equity Partners’ 30th, Parcom Capital’s 1st and Goldman Sachs Merchant Banking’s 55th transaction in the United States.
  • This is Clayton Dubilier & Rice’s 4th, Norwest Equity Partners’ 2nd, Parcom Capital’s 1st and Goldman Sachs Merchant Banking’s 3rd transaction in Illinois.
Investment Fate
  • Univar went public in 2015.

M&A Deal Summary

Date 2010-11-30
Target Univar
Sector Distribution
Buyer(s) Clayton Dubilier & Rice
Norwest Equity Partners
Parcom Capital
Goldman Sachs Merchant Banking
Deal Type Secondary Buyout
Deal Value 4.2B USD

Target

Univar

Downers Grove, Illinois, United States
website
Univar Solutions is a global chemical and ingredient distributor and provider of value-added services to customers across a wide range of industries. With the industry's largest private transportation fleet and North American sales force, a vast supplier network, deep market and regulatory knowledge, world-class formulation and recipe development, unparalleled logistics know-how, and industry-leading digital tools, Univar Solutions is a committed ally to customers and suppliers, helping them anticipate, navigate, and leverage meaningful growth opportunities. Univar was founded in 1924 and is based in Downers Grove, Illinois.

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Buyer(S) 4

Buyer

Clayton Dubilier & Rice

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 22 of 79
Sector (Distribution) 6 of 15
Type (Secondary Buyout) 3 of 22
State (Illinois) 4 of 8
Country (United States) 17 of 57
Year (2010) 3 of 4
Size (of disclosed) 7 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-27 AssuraMed

Twinsburg, Ohio, United States

AssuraMed, previously known as HGI Holding, Inc., is a leading mail-order, direct-to-consumer provider of disposable medical products to chronic disease patients. AssuraMed operates through its Edgepark Medical Supplies and Independence Medical divisions, offering its large and fragmented customer base more than 30,000 products addressing a diverse set of chronic disease market segments including ostomy, diabetes, urological, enteral, incontinence and wound care.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-22 Atkore International

Harvey, Illinois, United States

Atkore International, Inc. is a manufacture of galvanized steel tubing, sprinkler pipe, steel and flexible non-metallic conduit, pre-wired armored and metal clad electrical cables, cable tray, strut and metal framing systems.

Buy -
Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $30 and $250 million, typically providing $50 to $500 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota and has office in New York City.


DEAL STATS #
Overall 30 of 72
Sector (Distribution) 3 of 4
Type (Secondary Buyout) 8 of 27
State (Illinois) 2 of 6
Country (United States) 30 of 69
Year (2010) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-31 InnoWare Plastic

Menomonee Falls, Wisconsin, United States

InnoWare (formerly Duni Corp) is a manufacturer of disposable plastic food containers and converter of premium paper products. InnoWare's complete in-house design, converting, thermoforming, printing, and embossing capabilities enable it to offer customized and distinctive products to its customers within the foodservice and retail markets. InnoWare designs and manufactures its plastic food containers in Thomaston, Georgia, and its paper tableware products in Menomonee Falls, Wisconsin. NEP partnered with Nick Clementi, a paper and plastic industry veteran, on its investment with InnoWare. Mr. Clementi currently serves on the board of directors and is non-executive Chairman at InnoWare.

Sell $24M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-29 Diveo Broadband Networks

Ft. Lauderdale, Florida, United States

Diveo Broadband Networks is a leading local broadband and data center solutions provider for corporate customers in Brazil and Colombia. The Company works together with its customers to develop made-to-fit, integrated solutions to satisfy dynamic, complex business needs.

Sell R$694M
Buyer

Parcom Capital

Amsterdam, Netherlands

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1982
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Parcom Capital is a Dutch middle-market private equity group focused on opportunities in the Netherlands. The Firm targets companies with €50 to €500 million of revenue and €10 to €50 million of EBITDA. Sectors of interest include oil & gas, industrial, distribution, and manufacturing. Parcom Capital operates as a subsidiary of financial services firm ING and is based in Amsterdam.


DEAL STATS #
Overall 11 of 37
Sector (Distribution) 2 of 4
Type (Secondary Buyout) 1 of 7
State (Illinois) 1 of 1
Country (United States) 1 of 2
Year (2010) 3 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-22 Draka Holding N.V.

Amsterdam, Netherlands

Draka Holding N.V., through its subsidiaries, engages in the development, production, and sale of cable and cable systems worldwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-01 Bekaert Textiles NV

Waregem, Belgium

Bekaert Textiles NV develops, manufactures, and supplies mattress textile products. Bekaert Textiles is headquartered in Waregem, Belgium.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 79 of 175
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 18 of 62
State (Illinois) 3 of 9
Country (United States) 55 of 119
Year (2010) 11 of 12
Size (of disclosed) 10 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-10 Cervalis

Norwalk, Connecticut, United States

Cervalis is a premier provider of IT infrastructure solutions including business continuity / rapid recovery, managed hosting, managed security, managed storage, networking and telecommunications, and co-location. The company’s skilled professionals, world-class facilities and outstanding customer support provide clients with a secure IT environment that ensures business resilience.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-29 Wolverine Advanced Materials

Dearborn, Michigan, United States

Wolverine Advanced Materials LLC is a manufacturer of highly engineered critical automotive components and customized technology solutions for the energy, transportation and industrial markets.

Buy -