Debevoise Advises CD&R in Its Acquisition of White Cap and its Combination of White Cap with CSG, in a Transaction Valued at Approximately $4 Billion

11 August 2020

Debevoise & Plimpton LLP is advising Clayton, Dubilier & Rice in an agreement in which CD&R funds will lead an investment to acquire HD Supply Holding Inc.’s Construction & Industrial-White Cap business (“White Cap”), a leading distributor of specialty concrete and construction products, for $2.9 billion, and combine it with The Construction Supply Group (“CSG”), a leading U.S. distributor of specialty concrete and masonry accessories. The combined transaction, valued at approximately $4 billion, is subject to customary regulatory approvals. For more information, please read the company’s press release.

Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of more than $30 billion in 93 companies with an aggregate transaction value of more than $140 billion. HD Supply Construction & Industrial (NASDAQ: HDS) serves non-residential contractors professional contractors and trades in the specialty construction market sector by meeting their distinct and customized supply needs in non-residential, residential and industrial applications. White Cap is a leading North American distributor of construction accessory, safety, and specialty building products. Founded in 2016 by the Sterling Group, CSG is a leader in the distribution of specialty construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada.

The Debevoise team is led by M&A partners Paul Bird and Chris Anthony and includes M&A associates Erik Andren, Mihai Florin Chitulescu, Spencer Gilbert, Bradley Polivka and Alec Smith, finance partner Jeffrey Ross and associates Thomas Heiser, Ryan Rafferty and Temitayo NeneAqua Umoren, tax partners Erin Cleary and Peter Furci and associates Samuel Krawiecz and David Rock, benefits partner Jon Lewis and associate Jeri Brown, intellectual property partner Henry Lebowitz and associate Jose Angel Lamarque, antitrust partner Ted Hassi, counsel Kyra Bromley and associate Leah Martin, capital markets partner Steven J. Slutzky and associates Jonathan Miu and Benjamin Pedersen and environmental counsel Stuart Hammer.