“Over the past several years, the CSG team has built a strong new leader in the industry. “We developed strong confidence in the White Cap management team during our prior ownership of HD Supply, as they successfully managed through the global financial crisis,” said Nate Sleeper, CD&R’s Chief Executive Officer. With 130 branches and approximately 2,000 employees, CSG has a highly complementary footprint to White Cap in terms of product offering and geography, offering more than 60,000 SKUs to 65,000 customers. White Cap operates 270 branches with approximately 5,500 employees and offers more than 400,000 SKUs to 200,000 customers. The combination is intended to create a leading North American distributor of a diverse mix of concrete accessories and specialty construction and safety products with more than $4 billion in annual revenue. The combined transaction, valued at approximately $4 billion, is subject to customary regulatory approvals. Upon the closing of both transactions, CD&R funds will hold a 65% ownership interest in the combined company, and the current shareholders of CSG, led by The Sterling Group, will hold a 35% interest. (NASDAQ:HDS) under which CD&R funds will lead an investment to acquire HD Supply’s Construction & Industrial business (also known as “White Cap”), a leading distributor of specialty concrete and construction products, and combine it with the Construction Supply Group (“CSG”), a leading distributor of specialty concrete and masonry accessories. Clayton, Dubilier & Rice today announced an agreement with HD Supply Holdings, Inc.
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