CD&R Completes $2.3B Acquisition of Veritiv - Modern Distribution Management

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CD&R Completes $2.3B Acquisition of Veritiv

CD&R advisor and White Cap CEO John Stegeman becomes chairman of Veritiv upon the transaction closing.

Private investment firm Clayton, Dubilier & Rice announced Nov. 30 that it has completed its acquisition of packaging, JanSan and print products distributor Veritiv Corporation, which was previously announced on Aug. 7.

The deal valued Veritiv at approximately $2.6 billion, while the total purchase price was approximately $2.3 billion. Veritiv had 2022 total revenues of $7.1 billion, while its JanSan revenue was large enough to place the company on MDM’s 2023 Top JanSan Distributors List.

“The completion of this transaction represents an important milestone in our company’s journey,” said Sal Abbate, Chief Executive Officer of Veritiv. “CD&R’s significant investment in Veritiv is a testament to our company’s strong positioning as a leading specialty distribution solutions company and to our team’s hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today — and into the future.”

CD&R said that John Stegeman, who became an operating advisor for the firm on Dec. 1, will serve as Chairman of Veritiv with the closing of the transactions. Stegeman is also the CEO of construction supplies distributor White Cap, and formerly the President and CEO of Ferguson Enterprises.

“We are pleased to support Veritiv’s mission of delivering innovative and sustainable solutions to customers, and we are excited to contribute to Veritiv’s growth as a private company,” said Stegeman in a CD&R news release.

With the completion of the transaction, Veritiv’s common stock has ceased trading and is no longer listed on the New York Stock Exchange.

Besides Veritiv, CD&R’s distribution-oriented activity in the past several years has included the sale of all its Beacon Roofing Supply Series A Preferred Stock back to Beacon for $800 million; the acquisition of exterior building products manufacturer Cornerstone Building Brands for $5.8 billion; the acquisition of heating and plumbing distributor Wolseley UK for $418 million; and the acquisition of ERP software provider Epicor for $4.7 billion.

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