CD&R carves out Wolseley UK plumbing merchant business for £308m

The firm, which invests globally, is currently investing from its 11th-generation fund, which held an interim close on $10bn in May 2020.

The business will become independent from Ferguson and will be wholly owned by the private equity firm and the company's management team.

Ferguson engaged NM Rothschild to approach potential buyers in October 2020, though the company also announced it was considering a de-merger through a stock market listing. The business generates EBITDA of £50-60m and its valuation was touted at £400-500m in October, according to a report by Betaville.

Current CEO Simon Oakland will continue in his position, while Bruno Deschamps, operating adviser to CD&R funds and former chief operating officer of Ecolab, will serve as chairman of Wolseley.

Company
Wolseley UK is a specialist distributor of plumbing, heating, climate control, infrastructure and utility products in the UK. It generated revenues of £1.4bn in the year ending on 31 July 2020. The company's brand dates to the 1800s, but Wolesley UK was incorporated in 1959. It is based in Warwick.

People
Clayton Dubilier & Rice – Christian Rochat (partner).

Advisers
Equity – Clifford Chance (legal); Debevoise & Plimpton (legal).
Vendor – NM Rothschild (corporate finance). 

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• Topics
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• Clayton Dubilier & Rice
• Clifford Chance
• Debevoise & Plimpton
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