CD&R Fund X Sells Belron Stake in Transaction that Values Belron at €21 Billion

39% of CD&R Position Sold to Funds Managed by Hellman & Friedman, GIC, and BlackRock Private Equity Partners

61% Sold to New $4 Billion CD&R Special Purpose Vehicle to Extend Successful Partnership between CD&R, D’leteren Group, and Belron Management

Friday, December 17, 2021
London and New York

Clayton, Dubilier & Rice Fund X today announced the sale of its investment in Belron, a worldwide leader in vehicle glass repair and replacement. The two-part transaction included the sale of approximately 39% of CD&R Fund X’s stake to funds managed by Hellman & Friedman, GIC, and BlackRock Private Equity Partners, valuing Belron at €21 billion. The remaining 61% of the CD&R Fund X ownership position was sold to CD&R Value Building Partners I, L.P. and related vehicles (the “SPV”), new special purpose vehicles formed to continue CD&R’s partnership with Belron.

Belron operates in 41 countries through wholly-owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating results for the period ending December 2020 reached €3.9 billion and €583 million, respectively.

CD&R Fund X acquired a 40% stake in Belron in February 2018 in a transaction that valued the company at €3 billion. Since its initial investment, CD&R has worked in a close partnership—which will be extended by the new SPV—with D’leteren Group and the Belron management team to drive growth and margin improvement. Following the transaction, CD&R vehicles will hold a 20% stake in Belron and remain the company’s second largest shareholder, primarily through the approximately $4 billion CD&R-managed SPV.

“We are very pleased to welcome new, high quality investors at Belron and to continue our strong partnership with the Belron team and the D’Ieteren Group in a business that we believe has tremendous runway for growth and value creation,” said CD&R Partner Christian Rochat. “Importantly, we are excited to deliver a creative solution that has given our investors an array of attractive options.”

“Belron has grown steadily over the last 20 years, and we believe it is now regarded as one of the leading, best-in-class global services businesses that reflects its global and local market presence, exceptional customer satisfaction, and strong financial performance,” said CD&R Partner Eric Rouzier. “We expect to continue to benefit from structural growth tailwinds, driven by long-term secular increases in miles driven and windshield technology and complexity.”

Debevoise & Plimpton served as legal advisor to CD&R on the sale of the company and the formation of the SPV. Bank of America, Citi, and JP Morgan served as financial advisors to CD&R on the sale to funds managed by Hellman & Friedman, GIC, and BlackRock Private Equity Partners. Lazard served as financial advisor to CD&R on the creation and closing of the SPV.

About Clayton, Dubilier & Rice
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $35 billion in over 100 companies with an aggregate transaction value of approximately $175 billion. The Firm has offices in New York and London. For more information, please visit

About Belron
Operating in 41 countries across 6 continents through wholly owned and franchise operations, Belron is home to around 27,000 employees who served 14.9 million customers in 2020. Belron is the world’s leading vehicle glass repair and replacement group. Our key brands include Carglass®, Safelite AutoGlass®, Autoglass®, Lebeau®, O’Brien®, Smith&Smith® and Speedy Glass®. For more information please visit