Following the sale, Deere will hold a 40 per cent interest in the business it launched in 2001 by buying and merging two companies that sold wholesale landscape supplies and irrigation products.
The company has since made two bolt-on acquisitions, helping it develop into one of the largest US wholesale suppliers of landscape materials.
President of Deere’s worldwide agriculture and turf division James Field said that “Deere recognizes CD&R’s broad experience and successful record in distribution businesses and the firm’s longevity and experience in private equity.”
The firm’s other recent deals included the buyout of Harsco Corporation’s infrastructure division via a joint venture with the industrial services group.
In August this year, it was reported that CD&R was nearing the $3bn mark for its latest fund, which is targeting $5bn.
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