Clayton Dubilier & Rice pick up 42 per cent Univar stake from CVC


US buy-out house Clayton Dubilier & Rice has picked up a 42.5 per cent stake in chemicals distributor from European firm CVC, in a deal valuing the company at $4.2bn.

CVC took the company private for €1.5bn in 2007, and is to retain a 42.5 per cent stake following the close of the CD&R deal, with Univar, Goldman Sachs and ING venture arm Parcom Ventures holding the remainder.

As a result of the deal, Univar is to postpone its planned IPO, and has withdrawn its registration document, filed with the US Securities and Exchange Commission in June.

Univar posted revenues of $7.2bn in 2009, and operates a network of 179 distribution facilities and distributes more than 11,000 industrial and specialty chemicals products in over 100 countries. The company is the leading player in the sector in North America, and second in Europe.

CD & R partner David Wasserman said, “Univar’s business profile fits our investment focus perfectly, and we look forward to working with CVC and the Univar management team to continue to build the business.

“The company is a clear market leader in an industry with favorable secular trends, broad spread of risk, significant operational improvement runway and attractive geographic expansion opportunities,” he added.

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