Clayton, Dubilier & Rice





























Clayton, Dubilier & Rice, LLC
Type
Private Equity Investment Firm
Industry Buyouts
Founded 1978; 40 years ago (1978)
Headquarters
Seagram Building
New York City, New York, U.S.
Website www.cdr-inc.com

Clayton, Dubilier & Rice is one of the oldest private equity investment firms in the world. Founded in 1978, CD&R has managed the investment of approximately $17 billion in 52 businesses—mostly subsidiaries or divisions of large multi-business corporations—representing a broad range of industries with an aggregate transaction value in excess of $80 billion. Approximately sixty percent of CD&R's transactions have involved corporate divestitures.


CD&R has ownership stakes in Emergency Medical Services Corporation, The Hertz Corporation, Rexel (a distributor of electrical parts and equipment) and US Foods (a broadline foodservice distributor), amongst other companies. CD&R formerly owned or had ownership in such companies as Sally Beauty, Diversey, Inc., VWR International, Brake Bros, Kinko's (now FedEx Office, previously FedEx Kinko's), Uniroyal Goodrich Tire Company and Lexmark.




Contents






  • 1 History


    • 1.1 Timeline of Clayton, Dubilier, and Rice transactions




  • 2 Senior management


  • 3 References


  • 4 External links





History





















History of private equity
and venture capital

Early history

(origins of modern private equity)

The 1980s

(leveraged buyout boom)

The 1990s

(leveraged buyout and the venture capital bubble)

The 2000s

(dot-com bubble to the credit crunch)

  • v

  • t

  • e



Timeline of Clayton, Dubilier, and Rice transactions




  • 1978
    • Founded by Joseph L. Rice III, Martin H. Dubilier and Eugene Clayton



  • 1988
    • Acquired Uniroyal Goodrich Tire Company,[1] 50% stake from B.F. Goodrich for US$225 million,[1][2] and 50% from others



  • 1990
    • Sold Uniroyal Goodrich Tire Company to Michelin for US$1.5 billion.[3]



  • 1991 Acquired Lexmark


  • 1993

    • Acquired Allison Engine

    • Acquired Remington Arms

    • Acquired Van Kampen Merritt




  • 1994
    • Acquired Wesco Distribution (was Westinghouse Electric's Distribution Arm)



  • 1995

    • Sold Allison Engine

    • Acquired Alliant Exchange, Inc




  • 1995-1998
    • Sold Lexmark



  • 1996
    • Sold Van Kampen Merritt



  • 1998

    • Acquired JAFRA Cosmetics

    • Sold Wesco Distribution




  • 1998 - 1999
    • Acquired North American Van Lines and Allied Van Lines



  • 2000
    • Invested in Italtel



  • 2001
    • Sold Alliant Exchange, Inc



  • 2002

    • Invested in Brakes

    • Acquired the National Association of Independent Truckers, Inc., a wholly owned company specializing in insurance belonging to Cheryl Womack




  • 2003
    • Sold part of Remington Arms



  • 2003-2004
    • Sold most of SIRVA in public equity offering.



  • 2004

    • Sold Kinko's to FedEx

    • Invested in VWR International

    • Sold Jafra Cosmetics (an international cosmetics company) to Vorwerk

    • Acquired Culligan




  • 2005

    • Acquired Hertz

    • Acquired Rexel




  • 2006
    • Acquired 47.5% equity interest in Sally Beauty Company, Alberto-Culver’s beauty supply distribution business, as part of a broader recapitalization of Alberto-Culver, which included the tax free spin off of the company’s consumer business to shareholders and the listing of Sally Beauty Holdings on the New York Stock Exchange. Jim Berges, a CD&R operating partner, became chairman of Sally Beauty.



  • 2007

    • Acquired US Foods

    • Brake Bros sold to Bain Capital for £1.4bn

    • VWR International sold to Madison Dearborn for $3.8bn

    • Acquired ServiceMaster

    • Acquired HD Supply, along with Carlyle Group and Bain Capital (with each agreeing to buy a one-third stake in the division). Home Depot sold their wholesale construction supply business to fund a stock repurchase estimated at $40 billion.




  • 2008
    • October 17 acquired Exova



  • 2009

    • October acquired NCI Building Systems

    • November acquired Diversey, Inc.




  • 2010

    • February acquired British Car Auctions, Europe’s No. 1 Vehicle Auction and Remarketing Company

    • October acquired AssuraMed, a provider of specialty medical products for chronic disease patients

    • November acquired Univar, a global distributor of commodity and specialty chemicals

    • December acquired Atkore International, formerly Tyco International’s Electrical and Metal Products business




  • 2011

    • May acquired Emergency Medical Services Corporation, leader in facility-based physician services and medical transportation services

    • August acquired SPIE, a European leader in electrical and mechanical engineering and HVAC services, energy and communication systems

    • September acquired Hussmann, a leading manufacturer of refrigerated display merchandising equipment and refrigeration systems




  • 2012

    • September acquired Roofing Supply Group, one of the largest wholesale distributors of roofing supplies and related materials in the United States

    • October acquired David's Bridal, the leading specialty retailer of bridal gown and wedding-related apparel and accessories in the United States.

    • October acquired Wilsonart




  • 2013

    • March acquired B & M Retail[4]

    • Sold Assuramed to Cardinal Health; Over the course of ownership, EBITDA increased by approximately 88%.

    • October acquired 60% interest in John Deere Landscapes (now SiteOne Landscape Supply) – purchased Lesco in 2007.[5][6]

    • Completed its exit from the Hertz investment in 2013.[7]




  • 2014

    • February acquisition of Ashland Inc's water treatment business announced. $1.8bn

    • July acquired Healogics in a $910m transaction.[8]




  • 2016
    • June, Clayton, Dubilier & Rice acquired a controlling stake in High Ridge Brands, including Zest.[9]



  • 2017
    • May acquired 60% stake of Capco from FIS (company) for $477 million.[10]



  • 2018

    • January acquired Ply Gem Holdings, Inc. and Atrium Windows & Doors.[11]

    • February acquired 60% stake of American Greetings Company. [12]

    • October, acquired a stake in SmileDirectClub.[13]





Senior management


a/o December 2018[14]


  • Chairman & CEO—Donald J. Gogel

  • Vice Chairman—Kevin J. Conway

  • Partner—David A. Novak

  • Partner—Richard J. Schnall

  • Partner—Nathan K. Sleeper

  • Partner—David H. Wasserman



References





  1. ^ ab Uniroyal Goodrich Tire Co reports earnings for Qtr to Sept 30, New York Times Archive, Published: October 14, 1988


  2. ^ Company News; Goodrich Outlook, REUTERS, New York Times Archive, Published: June 24, 1988


  3. ^ INSIDE, New York Times, Published: September 23, 1989


  4. ^ "Press Release" (PDF)..mw-parser-output cite.citation{font-style:inherit}.mw-parser-output q{quotes:"""""""'""'"}.mw-parser-output code.cs1-code{color:inherit;background:inherit;border:inherit;padding:inherit}.mw-parser-output .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-limited a,.mw-parser-output .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration{color:#555}.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span{border-bottom:1px dotted;cursor:help}.mw-parser-output .cs1-hidden-error{display:none;font-size:100%}.mw-parser-output .cs1-visible-error{font-size:100%}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right{padding-right:0.2em}


  5. ^ "Deere to Sell Majority Interest in Landscapes Business". 28 October 2013. Retrieved 18 November 2013.


  6. ^ "John Deere Landscapes Unveils New Name as SiteOne Landscape Supply". 14 August 2015. Retrieved 13 October 2016.


  7. ^ "Hertz". Retrieved June 11, 2018.


  8. ^ Herman, Bob (7 July 2014). "Private equity firm buys Healogics for $910m". Modern Healthcare.


  9. ^ "Clayton Dubilier & Rice Makes $415 Million Investment in Personal-Care Products". Wall Street Journal.


  10. ^ http://www.nasdaq.com/article/fis-to-sell-60-equity-interest-in-capco-to-receive-477-mln-in-cash-proceeds-20170523-00520


  11. ^ "Ply Gem Holdings, Inc. Enters into a Definitive Agreement to be Acquired by Clayton, Dubilier & Rice". Retrieved 17 July 2018.


  12. ^ Rice, Clayton, Dubilier &. "Clayton, Dubilier & Rice to Acquire Majority Interest in American Greetings". www.prnewswire.com. Retrieved 2018-02-13.


  13. ^ "Orthodontics Startup SmileDirectClub Gets $3.2 Billion Valuation". Bloomberg.


  14. ^ [1], CDR webpage. Retrieved 2018-12-12.




External links




  • Clayton, Dubilier, and Rice website


  • Interview with Don Gogel (35 m.), Charlie Rose, May 24, 2012. Regarding role of private equity in US economy and specifically President Obama's attacks on Republican challenger Mitt Romney's record at Bain Capital in the 2012 campaign.










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