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| Formerly | Clayton & Dubilier (1978-1992) |
|---|---|
| Company type | Private |
| Industry | Private equity |
| Founded | 1978; 47 years ago (1978) |
| Founders |
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| Headquarters | New York City, New York, U.S. |
Key people |
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| Products | |
| Website | www |
Clayton, Dubilier & Rice, LLC (CD&R) is an Americanprivate equity company. CD&R is the 24th oldest private equity firm in the world. It has $30 billion invested in approximately 90 businesses.
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, andLexmark.
In June 2024, Clayton, Dubilier & Rice was ranked 11th inPrivate 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 of private equity and venture capital |
|---|
.jpg) |
| Early history |
| (origins of modernprivate equity) |
| The 1980s |
| (leveraged buyout boom) |
| The 1990s |
| (leveraged buyout and the venture capital bubble) |
| The 2000s |
| (dot-com bubble to thecredit crunch) |
| The 2010s |
| (expansion) |
| The 2020s |
| (COVID-19 recession) |
Clayton & Dubilier was founded as aturnaround management investment firm byMartin 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 acquiredUniroyal for $750 million.[5]
In 1987, CD&R acquiredBorg-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 acquiredUniroyal Goodrich Tire Company and a 50% stake ofB.F. Goodrich for $225 million;[6][7] the Tire Company was sold toMichelin for $1.5 billion in 1989.[8]
In 1990, CD&R formedLexmark fromIBM's printer and keyboard manufacturing business.[3] The deal was named one of the 30 Most Influential Private Equity Deals byPrivate Equity International in 2004.[9]
In 1995, CD&R acquired the foodservice division ofKraft 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 ofGeneral Electric, joined CD&R as a senior advisor.[15]
In 2003, CD&R purchased the global provider of water treatment products and services,Culligan, fromVeolia 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 withMerrill Lynch,The Carlyle Group andBarclays to acquireHertz Global Holdings fromFord 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 fromIngersoll-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 ofB&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 ofCapco fromFIS for $477 million in May 2017; Capco was acquired in 2021 byWipro for $1.45 billion.[28]
In August 2017, the firm acquired the Waterworks division ofHD Supply for $2.5 billion, and changed its name toCore & 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 inSmileDirectClub after investing $380 million.[31]
In February 2018, CD&R acquired a 60% stake inAmerican 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 onInc.'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 acquiredEpicor fromKKR for $4.7 billion.[35]
In January 2021, CD&R acquiredWolseley 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 acquireMorrisons, CD&R faced accusations ofasset 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 inKindred Healthcare, the hospice and personal care divisions ofHumana, for US$2.8 billion.[41]
In May 2022, CD&R acquiredCovetrus for $4 billion.[42]
In July 2022, CD&R purchased the remaining common stock ofCornerstone 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 acquiredFocus Financial Partners for $7 billion.[46][47]
In April 2024, CD&R agreed to acquire Presidio.[48]
In November 2023, CD&R acquiredVeritiv for $2.6 billion.[49]
In November 2024, funds managed by CD&R in partnership withTowerBrook Capital Partners acquiredR1 RCM for $8.9 billion.[50][51]
In February 2025, CD&R agreed to acquire a 50% stake in Opella, fromSanofi.[52]
In November 2025, CD&R agreed to acquire the packaging companySealed Air for a total enterprise value of $10.3 billion.[53]
