decorative image

Investments

  • Investment Philosophy

    We seek to craft investment opportunities where the Firm’s distinctive skills can produce sustainable value for our portfolio companies and investors.

    Our investments take a variety of forms. We acquire non-core corporate divisions and family enterprises transitioning to new ownership, as well as businesses from other private and public owners. Often, we craft partnerships with sellers who retain significant ongoing ownership and share in future value creation alongside CD&R.

    The industries we target for investment are consumer/retail, healthcare, industrials, and services. Our companies range in size from regional sector champions to global industry leaders and typically share several key attributes:

    • Leading sustainable market positions in industries poised for long-term growth;
    • Competitive advantages through differentiated products, services, or processes;
    • Potential to improve growth and enhance productivity;
    • Broad “spread of risk” characteristics, such as multiple locations, wide-ranging customer and supplier bases, and diverse revenue streams;
    • Attractive return on capital characteristics; and
    • Stable cash flows.

    CD&R: The Types of Business We Look For

    We concentrate our investment resources on market-leaders with the potential to enhance or accelerate operating performance"

  • Transaction Profiles

    CD&R tailors its investments to meet the needs of founders, family owners, management teams and significant shareholders seeking a partner who can provide strategic and operational support, as well as capital for long-term growth.

    • Features
      • Carve-outs
      • Control buyouts
      • Corporate partnerships
      • Family partnerships
      • Growth equity
    • Industries
      • Consumer/Retail
      • Healthcare
      • Industrials
      • Services
    • Geographies
      • North America
      • Western Europe
      • Other regions for portfolio company add-ons

    CD&R: The Way We Invest

  • Portfolio

    Industry
    Transaction Features
    Headquarters
    Current
    Year of Investment: 2016
    Industry: Healthcare

    agilon health partners with physicians to provide high-quality, value-based healthcare. Formed in July 2016, the Company operates in major markets across the United States, including: Austin, TX; Columbus, OH; Fresno, CA; Hawaii, and Southern California, managing care for more than 750,000 patients through a network of more than 9,000 physicians. CD&R Operating Advisor Ron Williams serves as Chairman of agilon.

    Year of Investment: 2018
    Industry: Consumer/Retail

    As the leader in meaningful connections, American Greetings is committed to making the world a more thoughtful and caring place. Founded in 1906, the creator and manufacturer of innovative social expression products offers paper cards, digital greetings, gift wrap, party goods, and more to help consumers honor the people and moments in life that really matter. The Company's major greeting card brands are American Greetings, Papyrus, Recycled Paper Greetings, and Carlton Cards. AmericanGreetings.com lets consumers shop and buy paper cards, ecards, printables, party supplies and gift wrap — along with providing useful content that educates and inspires visitors to connect more meaningfully. The 112 year-old Company is headquartered in Cleveland, Ohio, and its products can be found in retail outlets worldwide. 

    Year of Investment: 2010
    Industry: Healthcare

    During CD&R’s ownership, AssuraMed was a leading mail-order, direct-to-consumer provider of disposable medical products to chronic disease patients. AssuraMed operated through its Edgepark Medical Supplies and Independence Medical divisions, offering its large and fragmented customer base more than 30,000 products addressing a diverse set of chronic disease market segments including ostomy, diabetes, urological, enteral, incontinence, and wound care. CD&R sold AssuraMed to Cardinal Health in 2013. Over the course of CD&R’s ownership, EBITDA increased by approximately 88%.

    Year of Investment: 2010
    Industry: Industrials

    With manufacturing and distribution facilities on five continents, Atkore is a global leader in the manufacture of galvanized steel tubing, sprinkler pipe, steel and flexible non-metallic conduit, pre-wired armored and metal clad electrical cables, cable tray, strut, and metal framing systems. After taking the Company public in 2016, CD&R fully exited its investment by early 2018. Over the course of CD&R’s ownership, EBITDA increased by approximately 95%.

    Year of Investment: 2013
    Industry: Consumer/Retail

    During CD&R’s ownership, B&M became one of the UK’s leading discount retailers with stores situated in the north of England, Scotland, Northern Ireland, and Wales. Since CD&R’s investment in 2005, the business grew rapidly to more than 300 stores, with sales in excess of £1 billion and employing over 13,000 people. Its stores attracted approximately three million customers per week with a value offer of food and non-food products.  After taking the Company public in 2014, CD&R fully exited its investment by early 2018. Over the course of CD&R’s ownership, EBITDA increased by approximately 150%.

    Year of Investment: 2010
    Industry: Services

    During CD&R’s ownership, BCA was the leading vehicle auctions and remarketing company in the UK and mainland Europe. With 43 remarketing centers across 12 countries, BCA annually sold over £4 billion of used vehicles, ranging from nearly-new and ex-lease stock to budget and older product. CD&R sold BCA to Haversham Holdings in 2015. Over the course of CD&R’s ownership, EBITDA increased by approximately 76%.

    Year of Investment: 2018
    Industry: Industrials

    Founded in 1928, Beacon Roofing Supply, Inc. is the largest publicly traded distributor of residential and commercial roofing materials and complementary building products, operating 589 branches throughout all 50 states in the U.S. and 6 provinces in Canada. 

    Year of Investment: 2018
    Industry: Services

    Belron is the worldwide leader in vehicle glass repair and replacement, trading under more than ten10 major brands including Carglass®, Safelite® AutoGlass, and Autoglass®. In addition, it manages vehicle glass and other insurance claims on behalf of insurance customers.

    Year of Investment: 2013
    Industry: Industrials

    Brand Industrial Services, Inc. is a leading provider of specialized services to the global energy, industrial, and infrastructure markets. Its range of service offerings include work access, corrosion management, atmospheric and immersion coatings, insulation services, fireproofing and refractory, mechanical services, forming and shoring, and other complementary specialty services. Brand delivers its services through a network of more than 370 branches on six continents, with focus on the major hydrocarbon and power generation markets globally. CD&R Operating Partner John Krenicki serves as Chairman of the Company.

    Year of Investment: 2016
    Industry: Consumer/Retail

    BUT is one of the leading home equipment retailers in France, operating through a network of more than 300 stores. The Company offers a comprehensive selection of furniture, appliances, and decorative products, all complemented by attractive financing and extended warranty services. CD&R Senior Operating Advisor Sir Terry Leahy serves as Chairman of the Company.

    Year of Investment: 2017
    Industry: Services

    Capco is a global business and technology consultancy dedicated to the financial services industry with offices in leading financial centers across North America, Europe, and Asia Pacific. Capco specializes in banking, capital markets, wealth and investment management, and finance, risk and compliance. The Company also has an energy practice. CD&R Operating Partner Russ Fradin serves as Chairman of the Company.

    Year of Investment: 2017
    Industry: Healthcare

    Carestream Dental provides industry-leading dental digital product lines and services, including imaging equipment, CAD/CAM systems, software, and practice management solutions, for dental and oral health professionals. With more than 100 years of industry experience, Carestream Dental technology captures two billion images annually and aids in more precise diagnoses, improved workflows, and superior patient care.

    Year of Investment: 2014
    Industry: Industrials

    During CD&R’s ownership, CHC was one of only two global commercial operators of heavy and medium helicopters used in the offshore oil and gas industry. It specializes in transportation to offshore oil and gas platforms, civilian search and rescue, air medical evacuation services, as well as helicopter maintenance repair and overhaul. The Company operates more than 230 aircrafts in 30 countries.

    Year of Investment: 2017
    Industry: Industrials

    Core & Main is the nation’s largest distributor of water, sewer, storm, fusible piping, and fire protection infrastructure products that serves the needs of both contractors and municipalities in all aspects of the water, wastewater, clean water, landfill, energy, and fire protection industries. The Company operates more than 240 branches serving the United States, the Caribbean, and international markets. CD&R Operating Partner Jim Berges serves as Chairman of the Company.

    Year of Investment: 2012
    Industry: Consumer/Retail

    David’s Bridal, Inc. is a specialty retailer of bridal gown and wedding-related apparel and accessories in the United States. The Company operates more than 300 David’s Bridal stores located across the U.S., Canada, and Puerto Rico and designs, produces, and sells a broad assortment of designer wedding gowns, special occasion dresses, and accessories. CD&R Operating Partner Paul Pressler serves as Chairman of the Company.

    Year of Investment: 2009
    Industry: Services

    Diversey is a leading global provider of commercial cleaning, sanitation, and hygiene solutions.  At the time of CD&R’s exit, the Company generated annual sales of more than $3.0 billion from operations in more than 175 countries. Diversey serves commercial customers in the building, retail, healthcare, and food and beverage sectors, as well as large, public sector clients. In 2011, CD&R sold Diversey to Sealed Air Corporation.

    Year of Investment: 2017
    Industry: Healthcare

    Drive DeVilbiss Healthcare manufactures a complete line of medical products, including mobility products, sleep and respiratory products, beds, bariatric products, wheelchairs, sleep surfaces and pressure prevention products, self-assist products, power operated wheelchairs, rehabilitation products, patient room equipment, personal care products, and electrotherapy devices. The Company markets its products throughout the United States, Europe, Canada, Mexico, South America, Latin America, the Middle East, and Asia. CD&R Operating Partner John Compton serves as Chairman of the Company.

    Year of Investment: 2011
    Industry: Healthcare

    Under CD&R ownership, Envision Healthcare (formerly Emergency Medical Services Corporation) offered an array of healthcare-related services to consumers, hospitals, healthcare systems, health plans, and local, state, and national government entities. Envision operated American Medical Response, Inc. (AMR), the U.S.’s leading ambulance service provider, EmCare Holdings Inc. (EmCare), the nation’s leading provider of outsourced emergency department and facility-based physician services, and Evolution Health, providing comprehensive care to patients across various settings, many of whom suffer from advanced illnesses and chronic diseases. In 2012, Envision Healthcare provided care to more than 15,000,000 patients in more than 2,200 communities. After taking the Company public in 2013, CD&R fully exited its investment by 2015. Over the course of CD&R’s ownership, EBITDA increased by approximately 66%.

    Year of Investment: 2014
    Industry: Healthcare

    Healogics is the United States' largest provider of advanced wound care services. Healogics and its affiliated companies manage nearly 600 Wound Care Centers® through a connected network of centers, partner hospitals, academic medical centers, patients, and families. Leveraging its scale and experience, Healogics utilizes an evidence-based systematic approach to chronic wound healing in treating an underserved and growing patient population. CD&R Operating Partner John Dineen serves as Chairman of the Company.

    Year of Investment: 2016
    Industry: Consumer/Retail

    High Ridge Brands Co. provides consumers with high quality personal care products at great value. Today, High Ridge has a portfolio of nine trusted brands, serving primarily North American personal cleaning and hair care markets, including Zest®, White Rain®, VO5®, Coast®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix®, and Thicker Fuller Hair®. The Company operates an asset-light model, outsourcing all its manufacturing needs, and has approximately 50 employees. CD&R Operating Partner John Compton serves as Chairman of the Company.

    Year of Investment: 2011
    Industry: Industrials

    Founded in 1906, Hussmann is a global leader in manufacturing, selling, installing, and servicing refrigerated display merchandising equipment and refrigeration systems. Hussmann products include refrigerated and non-refrigerated display merchandisers, refrigeration systems, evaporative condensers, heat exchange coils, beverage coolers, walk-in coolers and freezers, and other related products. Hussmann also provides installation, service, maintenance, and aftermarket parts.  In 2015, CD&R sold Hussmann to Panasonic after increasing EBITDA by more than 100%.

    Year of Investment: 2016
    Industry: Industrials

    The Kalle Group, based in Wiesbaden, Germany, is one of the world's leading suppliers of industrially produced casings for meat, poultry, and other protein products. In addition to its innovative range of value-added casings, it creates a steady stream of new and customized solutions that enable new types of products. Today, Kalle uses its technological and innovative edge to accelerate the pace of development - both in existing markets and in many emerging markets in Latin America, Eastern Europe, and Asia. CD&R Operating Partner Vindi Banga serves as Chairman of the Company.

    Year of Investment: 2014
    Industry: Industrials

    Founded in 1896, Mauser Group is a leading worldwide producer of industrial packaging influencing the international packaging market through innovative technologies. The company’s customers are spread across the chemical, agrochemical, petrochemical, and pharmaceutical sectors, as well as in the food and beverage industries.  Mauser’s product portfolio includes plastic packaging, fiber drums, steel drums, Intermediate Bulk Containers ("IBC"), and reconditioning services. In 2017, CD&R sold Mauser to Stone Canyon Industries LLC after increasing EBITDA by approximately 47%.

    Year of Investment: 2015
    Industry: Consumer/Retail

    Upon the completion of its 2018 acquisition of MRH, Motor Fuel Group is the largest independent petrol station and convenience retail operator in the UK, based on number of sites. MFG offers premium fuel brands coupled with an attractive, competitive, and expanding forecourt offering for cost-conscious consumers. With the completion of the MRH acquisition, the combined company will operate over 900 stations, the vast majority of which operate under the BP, Shell, Texaco, and JET fuel brands. CD&R Senior Operating Advisor Sir Terry Leahy serves as Chairman of the Executive Committee of the Board.

    Year of Investment: 2018
    Industry: Healthcare

    naviHealth is a leading manager of post-acute care services in the U.S. The company partners with health plans, health systems and care providers to manage post-acute care as patients transfer from hospitals to other facilities or return home. Utilizing evidence-based protocols and technology-enabled services to help optimize and monitor care plans, the company delivers both improved patient outcomes and material savings for its health plan and system partners, two critical constituent groups supporting healthcare’s accelerating transition to value-based reimbursement. CD&R funds’ Operating Advisor Ron Williams serves as Chairman of the company.

    Year of Investment: 2009
    Industry: Industrials

    NCI Building Systems, Inc. is one of North America’s largest integrated manufacturers of metal products for the nonresidential building industry.  NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada. CD&R Operating Partner Jim Berges serves as Lead Director of the Board. 

    Year of Investment: 2014
    Industry: Healthcare

    At the time of CD&R’s exit, PharMEDium was the national leader in hospital pharmacy-outsourced, sterile compounding services. PharMEDium served more than 2,600 acute-care hospitals, including integrated delivery systems, academic medical centers, hospital groups, and standalone urban, suburban, and rural hospitals. PharMEDium’s outsourced, sterile compounding services are used by hospitals primarily to facilitate ready-to-use intravenous drug delivery to patients. Using only FDA-approved drugs, diluents, and containers, the Company creates compounded sterile preparations (“CSPs”), which are not otherwise commercially available in the marketplace. PharMEDium provides CSPs in ready-to-use presentation with enhanced safety, labeling, sterility, and shelf life, typically exceeding what hospital pharmacies can produce themselves. In 2015, CD&R sold PharMEDium to AmerisourceBergen after increasing EBITDA by approximately 53%. 

    Year of Investment: 2018
    Industry: Industrials

    Ply Gem is a leading manufacturer of building products in North America. Maintaining number one market positions in vinyl siding and in vinyl and aluminum windows, Ply Gem produces a comprehensive product line of windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and moldings, vinyl fencing and railing, stone veneer, roofing, and gutter ware products, used in both new construction and home repair and remodeling across the United States and Canada. CD&R operating partner John Krenicki serves as Chairman of the Company.

    Year of Investment: 2012
    Industry: Industrials

    Under CD&R ownership, Roofing Supply Group was one of the largest wholesale distributors of roofing supplies and related materials in the United States. Through its network of 61 locations in 24 states nationwide, RSG provided one-step distribution services from roofing product manufacturers to roofing contractors and homebuilders. In 2015, CD&R sold RSG to Beacon Roofing Supply.

    Year of Investment: 2013
    Industry: Services

    With over $1 billion in annual revenue under CD&R’s ownership, SiteOne Landscape Supply (formerly John Deere Landscapes) was the largest North American distributor of landscaping products sold primarily to professional landscape contractors for use in residential and commercial settings. Operating over 460 locations in the U.S. and Canada with approximately 2,500 employees, SiteOne distributes wholesale irrigation, landscape lighting, nursery, and turf and maintenance supplies. After taking the Company public in 2016, CD&R fully exited its investment by 2017. Over the course of CD&R’s ownership, EBITDA increased by approximately 118%.

    Year of Investment: 2014
    Industry: Services

    Solenis is a leading global manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power, and municipal markets. The company's product portfolio includes a broad array of process, functional, and water treatment chemistries as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, and minimize environmental impact. The company operates 30 manufacturing facilities strategically located around the globe and employs a team of 3,500 professionals in 118 countries across five continents. CD&R Operating Advisor David Scheible serves as Chairman of the Company.

    Year of Investment: 2011
    Industry: Services

    Under CD&R ownership, European-based SPIE was a leading multi-technical services provider, specializing in electrical, mechanical, and HVAC contracting services, as well as oil & gas, nuclear, and communications network services. With nearly 500 locations in 31 countries, SPIE provided services and performance technical solutions to local and international customers. After taking the company public in 2015, CD&R fully exited its investment in 2017. Over the course of CD&R’s ownership, EBITA increased by approximately 58%.  

    Year of Investment: 2017
    Industry: Industrials

    SunSource is a value-added distributor of fluid power and motion control technologies in North America. As a technically-focused distributor, SunSource serves as an extension of its customers’ design and engineering teams and its suppliers’ sales forces, delivering innovative solutions that lower total costs and streamline supply chains. The company operates through four highly focused strategic business units that provide tailored solutions for the unique needs of its Industrial, Mobile, Service & Repair, and Process Solutions customers. CD&R Operating Advisor William VanArsdale serves as Lead Director of the Board. 

    Year of Investment: 2016
    Industry: Services

    TRANZACT is a market leader in providing end-to-end customer acquisition solutions to the insurance sector. TRANZACT leverages and integrates sophisticated digital, data, and direct marketing solutions to deliver qualified leads, fully-provisioned sales, and robust customer management systems to brands seeking to acquire and manage large numbers of customers. TRANZACT has approximately 1,100 employees, of which more than 700 are licensed insurance agents across the health, life, auto, and home insurance segments. TRANZACT owns and operates several consumer-facing websites. CD&R Operating Partner Russ Fradin serves as Chairman of the Company.

    Year of Investment: 2016
    Industry: Consumer/Retail

    TruGreen is the nation’s largest lawn care company, serving approximately 2 million residential and commercial customers across the United States with lawn, tree, and shrub care. As the industry leader, TruGreen continues to pioneer the development of new technology for lawn care and devotes substantial resources to evaluate new products and equipment. The company is committed to responsible lawn care, including offering and promoting the use of natural services and sustainable practices. Today, there are approximately 250 TruGreen branches in the United States and Canada, including about 50 franchise locations. CD&R Operating Partner John Compton serves as Chairman of the Company.

    Year of Investment: 2010
    Industry: Services

    Univar is one of the world’s leading distributors of industrial and specialty chemicals. Univar represents over 3,500 chemical producers and provides a full portfolio of products to its customer base, made up of more than 115,000 customers in 115 countries. Univar operates a network of more than 260 facilities in North America, Europe, Asia-Pacific, and Latin America, and additional sales offices in Eastern Europe, the Middle East, and Africa. 

    Year of Investment: 2015
    Industry: Healthcare

    Vets First Choice is a leading provider of cloud-based prescription management, pharmacy services, marketing solutions, and practice analytics for companion and equine veterinary practitioners nationwide. Its services result in better prescription compliance, reduced inventory, increased client engagement, and improved practice profitability. The company has been recognized by national accreditation boards, including Vet-VIPPS and PCAB, for exceptional quality, service, and performance.

    Year of Investment: 2012
    Industry: Industrials

    Wilsonart manufactures and distributes high pressure laminates and other fine surfacing materials and components used in furniture, office and retail space, countertops, worktops, and other applications. The company operates under the Wilsonart, Resopal, Polyrey, and Arborite brands, selling primarily through a network of company-owned and exclusive, independent distributors in North America and non-exclusive, independent distributors internationally. CD&R’s John Krenicki serves as Chairman of Wilsonart.

    Includes all investments since January 2005. For a list of all of CD&R's historical investments, click here.