Through approximately 270 branches and 44 distribution centers in the U.S. The company provides a broad range of products and value-add services to approximately 500,000 customers with leadership positions in the maintenance, repair and operations and specialty construction sectors. HD Supply (is one of the largest industrial distributors in North America. Debevoise & Plimpton served as legal counsel to CD&R on the transaction. LLC served as financial advisor and Jones Day served as legal counsel to HD Supply on the transaction. Once the transaction is complete, John Stegeman, White Cap’s current CEO, and Alan Sollenberger, White Cap’s current President, are expected to continue to lead the Construction and Industrial business, which will include the White Cap, Home Improvement Solutions and Brafasco businesses. A more detailed discussion around the use of proceeds will take place on our second-quarter earnings call in early September. HD Supply expects to use the net proceeds from this transaction to return capital to HD Supply shareholders, fund M&A activity and repay debt. "This transaction will enable the HD Supply leadership team to intensify our focus on Facilities Maintenance, while also returning capital to our HD Supply shareholders." "After a detailed evaluation, we determined that a sale of our White Cap business unit to Clayton, Dubilier & Rice is in the best interests of our HD Supply stockholders,” said Joe DeAngelo, HD Supply Chairman, President & CEO. The transaction is expected to close in October 2020, subject to customary regulatory approvals.
Net proceeds from the sale are expected to be approximately $2.5 billion after taxes and transaction costs.
#Hd whitecap construction supply professional#
(NASDAQ: HDS) ("HD Supply") today announced that it has entered into a definitive agreement to sell its Construction & Industrial-White Cap business (also known as “White Cap”), a leading distributor of specialty concrete and construction products and services in North America serving professional contractors, to an affiliate of Clayton, Dubilier & Rice for a purchase price of $2.9 billion in cash. 11, 2020 (GLOBE NEWSWIRE) - HD Supply Holdings, Inc.
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