Clayton Dubilier snaps up stake in Univar from CVC

City A.M. Reporter
PRIVATE equity firm Clayton, Dubilier & Rice said yesterday it had acquired a large minority interest in Univar, a large chemical distribution business, from the buyout firm CVC Capital Partners.

Clayton Dubilier and CVC each now own 42.5 per cent of Univar, which is valued at about $4.2bn (£2.7bn) including debt.

Clayton Dubilier paid $760m for its stake, according to people briefed on the transaction.

CVC Capital Partners took the Rotterdam-based chemicals group private in a €1.5bn deal three years ago and is retaining a 42.5 per cent stake in the company.

The company’s management, led by its president and chief executive John Zillmer, will keep a stake of about five per cent. Goldman Sachs and Parcom Capital will own the rest.

Univar will postpone an initial public offering for which CVC had announced plans in June. Univar, which had $7.2bn of revenues in 2009, is the market leader in the US and Canada.