Divestiture • Engineering

CD&R Acquires Exova Group

On August 28, 2008, private equity firm CD&R acquired engineering company Exova Group from Bodycote

Acquisition Context
  • This is CD&R’s 1st transaction in the Engineering sector.
  • This is CD&R’s 2nd transaction in the United Kingdom.
Investment Fate
  • Exova Group went public in 2014.
  • Exova Group was sold to a strategic buyer in 2017.

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M&A Deal Summary

Date August 28, 2008
Target Exova Group
Sector Engineering
Buyer(s) CD&R
Sellers(s) Bodycote
Deal Type Divestiture

Target Company

Exova Group

London, United Kingdom
Exova Group Ltd. is a provider of technical and engineering services to the aerospace, energy, oil and gas, civil engineering, transportation, fire, pharmaceutical, environmental, food and consumer products industries. Exova’s services include quality control, product accreditation, and specification compliance mission critical to its customers.
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Buyer Overview 1

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor


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 Context for Buyer #
Overall 17 of 94
Sector: Engineering 1 of 1
Type: Divestiture 11 of 25
Country: United Kingdom 2 of 14
Year: 2008 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-30 HD Supply

Atlanta, Georgia, United States

HD Supply is a wholesale distributor of a broad range of products and services to professional customers in the infrastructure, energy, maintenance, repair & improvement, and specialty construction markets. HD Supply was founded in 2007 and is based in Atlanta, Georgia.

Buy $8.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-07 Diversey

Fort Mill, South Carolina, United States

Diversey is a hygiene and cleaning solutions company that integrates chemicals, floor care machines, tools, and equipment, with a wide range of technology-based value-added services, food safety services, and water and energy management. Diversey was incorporated in 1923 and is based in Fort Mill, South Carolina.

Buy -

Seller Profile 1

SELLER

Bodycote

Macclesfield, United Kingdom

Category Company
Founded 1923
Sector Machinery
Employees4,379
Revenue 757M GBP (2024)
DESCRIPTION

Bodycote is a provider of heat treatments, metal joining, hot isostatic pressing, and coatings services. Bodycote was incorporated in 1923 and is based in Macclesfield, England.


Deal Context for Seller #
Overall 1 of 1
Sector: Engineering 1 of 1
Type: Divestiture 1 of 1
Country: United Kingdom 1 of 1
Year: 2008 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Nitruvid S.A.

Paris, France

Nitruvid was founded in 1985 and has patented a number of renowned plasma assisted nitriding processes especially for stainless steel applications. One of the most notable techniques offered by Nitruvid is a process which dramatically enhances the life expectancy of control rods used in nuclear reactors. Nitruvid operates from three plants located in Paris, Saint-Etienne, and Metz.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-02 Curtiss-Wright - Heat Treating Business

United States

Curtiss-Wright - Heat Treating Business comprises nine sites in Northern and Central USA serving a wide range of industries but with a particular focus on commercial aerospace and oil & gas (34% of sales). It also features some key automotive accounts (20% of sales).

Buy $52M