Clayton, Dubilier & Rice (“CD&R”) today completed the previously-announced acquisition of HD Supply Holdings, Inc.’s (NASDAQ:HDS) Waterworks business unit (“Waterworks”), the nation’s largest distributor of water, sewer, storm and fire protection products, for $2.5 billion. The carve-out transaction establishes Waterworks as an independent company, wholly-owned by CD&R funds.
Waterworks is a leading U.S. distributor of industrial and construction products used to build and maintain underground water, wastewater and drainage infrastructure networks. The company operates a national network of 244 branches in 46 states with a sales team of more than 1,200 sales representatives serving a diverse customer base of more than 37,000 municipalities, private water companies and professional contractors. Waterworks continues to be headquartered in St. Louis, Missouri.
Jim Berges, a CD&R Partner, will serve as Chairman of Waterworks. Mr. Berges was Chairman of HD Supply from 2007 to 2015. CD&R invested in HD Supply in 2007 and exited the investment in 2014. Steve LeClair, who has served as the President of Waterworks since 2011, is the chief executive officer of the new, independent company.
Waterworks 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. Waterworks operates more than 240 branches serving the United States, the Caribbean and the international market. For more information, visit www.hdswaterworks.com.