Bodycote Testing Provides Critical Technical and Engineering Services to Broad Range of Industries Around the World
LONDON and NEW YORK, Aug. 28 /PRNewswire/ -- Clayton, Dubilier & Rice
('CD&R'), a global private equity firm with a strategy of building and growing
the businesses in which it invests, today announced a definitive agreement to
acquire Bodycote Testing Group ('BTG'), the world's leading materials testing
business, from Bodycote plc. The transaction is valued at approximately
pounds Sterling 417 million. Fred Kindle, a CD&R Operating Partner will serve
as Chairman of BTG.
BTG provides technical and engineering services to the aerospace, energy,
oil and gas, civil engineering, transportation, pharmaceutical, food, consumer
products and medical device industries. BTG's services include quality
control, product accreditation, and specification compliance mission critical
to its customers and require demanding accreditation and technical know-how.
BTG operates over 130 laboratories in more than 25 countries worldwide.
'As a market leading, multi-location services business with customers in
diversified and resilient industries, BTG exhibits the key characteristics
that we look for in all of our investments,' said Donald J. Gogel, President
and Chief Executive Officer of CD&R. 'Our ability to execute this transaction
in the current environment reflects the flexibility of CD&R's operating model;
and the acquisition of such a geographically diversified business,
headquartered in Europe, is a validation of our global approach.'
Fred Kindle, CD&R Operating Partner added: 'We look forward to working
with the BTG team to build on the core strengths of the business and create an
even stronger, more profitable enterprise that is positioned for sustainable,
long-term growth.'
The transaction, which is conditional on the approval of Bodycote's
Shareholders and the receipt of certain regulatory approvals, is expected to
complete before the end of October 2008.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice, Inc. is one of the most
experienced and respected private equity firms. The firm's focused investment
strategy is predicated on producing superior financial returns through
building stronger, more profitable businesses. More than two-thirds of CD&R's
transactions have involved corporate divestitures. Approximately 90 percent
of the firm's historical returns have resulted directly from business
improvements, as measured by earnings growth. Since inception, CD&R has
managed the investment of more than $11 billion in 42 U.S. and European
businesses -- mostly subsidiaries or divisions of large multi-business
corporations -- representing a broad range of industries with an aggregate
transaction value in excess of $65 billion and revenues of over $85 billion.
CD&R's portfolio investments include such well know market leading companies
as Rexel Group (RXL.PA), Hertz Global Holdings, Inc. (NYSE: HTZ), Sally Beauty
Holdings, Inc. (NYSE: SBH), and The ServiceMaster Company. The firm is based
in New York and London. www.cdr-inc.com.
SOURCE Clayton, Dubilier & Rice, Inc.
