Clayton, Dubilier & Rice
American private equity company
From Wikipedia, the free encyclopedia
Clayton, Dubilier & Rice, LLC (CD&R) is an American private equity company. CD&R is the 24th oldest private equity firm in the world. It has $30 billion invested in approximately 90 businesses.
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| Formerly | Clayton & Dubilier (1978-1992) |
|---|---|
Company type | Private |
| Industry | Private equity |
| Founded | 1978 |
| Founders |
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| Headquarters | New York City, New York, U.S. |
Key people |
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| Products | |
| Website | www |
CD&R had ownership stakes in, B&M Retail, Envision Healthcare, Hertz Global Holdings, Hussman International, WESCO International, US Foods, Sally Beauty, Diversey Holdings, VWR International, Brake Bros, Kinko's, Uniroyal, White Cap, and Lexmark.
In June 2024, Clayton, Dubilier & Rice was ranked 11th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.[1] In August 2024, the firm was named one of the best private equity firms of 2024 by GrowthCap.[2]
History
Clayton & Dubilier was founded as a turnaround management investment firm by Martin H. Dubilier, Eugene Clayton and Bill Welsh in 1976.[3] Joseph L. Rice III joined in 1978, and the firm became known as Clayton, Dubilier & Rice in 1992.[3] Clayton and Welsh retired from the firm in 1985 and Dubilier died in 1991.[4]
In May 1985, CD&R acquired Uniroyal for $750 million.[5]
In 1987, CD&R acquired Borg-Warner's Industrial Products Division, spinning the division off into a standalone company, BW/IP International.[3] Between 1987 and 1992 the firm added nine new partners, five of which had previous experience as CEOs.[3]
In 1988, the firm acquired Uniroyal Goodrich Tire Company and a 50% stake of B.F. Goodrich for $225 million;[6][7] the Tire Company was sold to Michelin for $1.5 billion in 1989.[8]
In 1990, CD&R formed Lexmark from IBM's printer and keyboard manufacturing business.[3] The deal was named one of the 30 Most Influential Private Equity Deals by Private Equity International in 2004.[9]
In 1995, CD&R acquired the foodservice division of Kraft Foods Inc..[10][11]
In December 1997, CD&R sold a minority stake in its electrical equipment distribution business for about $300 million, four years after buying it from CBS for $340 million.[12]
In 1998, Don Gogel was appointed CEO.
Also in 1998, CD&R established an office in London.[13][14]
In 2001, Jack Welch, former CEO of General Electric, joined CD&R as a senior advisor.[15]
In 2003, CD&R purchased the global provider of water treatment products and services, Culligan, from Veolia for $610 million, which included $200 million in equity from a CD&R-managed fund and the remainder from senior debt and securities.[16] Centerbridge Partners acquired Culligan in 2012.[17]
In 2005, CD&R partnered with Merrill Lynch, The Carlyle Group and Barclays to acquire Hertz Global Holdings from Ford Motor Company for $15 billion.[18]
In February 2011, CD&R acquired Emergency Medical Services, the largest provider of ambulance services in the U.S., for $3.2 billion.[19]
In August 2011, CD&R acquired 60% of Hussmann from Ingersoll-Rand for $370 million.[20]
In 2012, Joe Rice stepped down as chairman, succeeded by Don Gogel.[21][4]
In March 2013, CD&R partnered with the family owners of B&M retail, acquiring a 60 percent stake.[22]
In October 2013, CD&R acquired a 60% stake in John Deere Landscapes (now SiteOne Landscape Supply) for $465 million; Deere & Co.retained a 40% stake.[23][24]
In 2015, CD&R sold Hussmann to Panasonic for $1.5 billion.[25][26]
Clayton Dubilier & Rice Fund X LP completed fundraising in 2017 with $10 billion of investor commitments.[27]
CD&R acquired a 60% stake of Capco from FIS for $477 million in May 2017; Capco was acquired in 2021 by Wipro for $1.45 billion.[28]
In August 2017, the firm acquired the Waterworks division of HD Supply for $2.5 billion, and changed its name to Core & Main.[29]
In January 2018, Clayton, Dubilier & Rice acquired Ply Gem Holdings and Atrium Windows & Doors.[30]
In October 2018, the firm acquired a stake in SmileDirectClub after investing $380 million.[31]
In February 2018, CD&R acquired a 60% stake in American Greetings.[32]
In January 2019, Clayton, Dubilier & Rice invested alongside the founder of WSH Investments Ltd., Alistair Storey, to take a major stake in the business.[33]
In July 2019, Clayton, Dubilier & Rice was included on Inc.'s list of the "50 Best Private Equity Firms for Entrepreneurs".[34]
In September 2019, CD&R acquired a stake in Socotec in a deal valuing Socotec at $1.98 billion.[21]
In August 2020, CD&R acquired Epicor from KKR for $4.7 billion.[35]
In January 2021, CD&R acquired Wolseley UK, the largest supplier of plumbing and building materials in the UK, for £308 million.[36]
In October 2021, CD&R purchased Morrisons, a British supermarket chain,[37] which subsequently had financial difficulties.[38] During its bid to acquire Morrisons, CD&R faced accusations of asset stripping, that it left former acquisition Culligans 'saddled with over $850 million of debt'.[39] UK politicians warned against leaving Morrisons prey to asset strippers.[40]
In April 2022, CD&R acquired a 60% interest in Kindred Healthcare, the hospice and personal care divisions of Humana, for US$2.8 billion.[41]
In May 2022, CD&R acquired Covetrus for $4 billion.[42]
In July 2022, CD&R purchased the remaining common stock of Cornerstone Building Brands, completing its acquisition.[43]
Also in July 2022, CD&R acquired the facilities services business OCS Group.[44] This was then followed by the merger of OCS and the UK, Ireland and Asia operations of facilities management company Atalian.[45]
In August 2023, funds affiliated by CD&R acquired Focus Financial Partners for $7 billion.[46][47]
In April 2024, CD&R agreed to acquire Presidio.[48]
In November 2023, CD&R acquired Veritiv for $2.6 billion.[49]
In November 2024, funds managed by CD&R in partnership with TowerBrook Capital Partners acquired R1 RCM for $8.9 billion.[50][51]
In February 2025, CD&R agreed to acquire a 50% stake in Opella, from Sanofi.[52]
In November 2025, CD&R agreed to acquire the packaging company Sealed Air for a total enterprise value of $10.3 billion.[53]
