History and Key Investments
- Founded in 1976 by Martin H. Dubilier, Eugene Clayton, and Bill Welsh
- Joseph L. Rice III joined in 1978, and the firm became known as Clayton, Dubilier & Rice in 1992
- Executed a leveraged buyout in 1987, spinning off Borg-Warner's Industrial Products Division into BW/IP International
- Added nine new partners between 1987 and 1992, five of whom had previous CEO experience
- Acquired Uniroyal Goodrich Tire Company and a 50% stake in B.F. Goodrich in 1988
- Key investments include B&M Retail, Envision Healthcare, The Hertz Corporation, Hussman International, and Rexel (distributor of electrical parts and equipment)
Notable Deals and Partnerships
- Formed Lexmark from IBM's printer and keyboard manufacturing business in 1990
- CD&R purchased Culligan International in 2003
- Teamed with Merrill Lynch, The Carlyle Group, and Barclays to acquire The Hertz Corporation in 2005
- Acquired a 60% stake in John Deere Landscapes (now SiteOne Landscape Supply) in 2013
- Purchased Wolseley UK, the largest supplier of plumbing and building materials in the UK, in 2021
Accusations and Controversies
- Faced accusations of asset stripping during the bid to buy out Morrisons, leaving Culligan saddled with over $850 million of debt
- CD&R denied the accusations and Centerbridge Partners acquired Culligan in 2012
- Acquired a stake in SmileDirectClub after investing $380 million in 2018
- Acquired a 60% stake from the family owners of American Greetings in 2018
- CD&R invested alongside the founder of WSH Investments Ltd., Alistair Storey, in 2019
Recent Acquisitions and Partnerships
- Acquired a 60% interest in Humana, Inc.'s hospice and personal care divisions (Kindred at Home) for $2.8 billion in 2022
- Purchased the remaining common stock of Cornerstone Building Brands in 2022
- Agreed to buyout Focus Financial Partners in a deal worth over $7 billion in 2023
- Completed fundraising for Clayton Dubilier & Rice Fund X LP with $10 billion of investor commitments in 2017
- Acquired a 60% stake of Capco from FIS for $477 million in 2017
Name Changes, Valuations, and Impact
- John Deere Landscapes changed its name to SiteOne Landscape Supply
- HD Supply Waterworks changed its name to Core Main
- Ply Gem Holdings, Inc. was acquired by CD&R
- Clayton, Dubilier & Rice acquired majority interest in American Greetings
- SmileDirectClub received a $3.2 billion valuation
- CD&R closed its 10th fund at $10 billion
- CD&R was listed as one of the 50 best private equity firms for entrepreneurs
- CD&R won a £7 billion auction for Morrisons supermarket
- CD&R's impact on the US economy and specific industries
Clayton, Dubilier & Rice (CD&R) is an American private equity company. It is one of the oldest private equity investment firms in the world. Founded in 1978, CD&R has managed the investment of more than $30 billion in approximately 90 businesses, representing a broad range of industries with an aggregate transaction value in excess of $140 billion. Approximately half of CD&R's investments have involved corporate divestitures.
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 Headquarters at Seagram Building | |
| Type | Private |
|---|---|
| Industry | Private equity |
| Founded | 1978 |
| Headquarters | Seagram Building New York City, New York, U.S. |
| AUM | US$57 billion (2023) |
| Website | www |
CD&R had ownership stakes in, among others, B&M Retail, Envision Healthcare, The Hertz Corporation, Hussman International, Rexel (a distributor of electrical parts and equipment) and US Foods (a broadline foodservice distributor), Sally Beauty, Diversey, Inc., VWR International, Brake Bros, Kinko's (now FedEx Office, previously FedEx Kinko's), Uniroyal Goodrich Tire Company and Lexmark.
In June 2023, Clayton, Dubilier & Rice were ranked 17th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.
