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.
http://www.cdr-inc.com.
SOURCE Clayton, Dubilier & Rice, Inc.
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Related links:
http://www.cdr-inc.com
CONTACT:
Thomas C. Franco of Clayton, Dubilier & Rice,
+1-212-407-5225, tfranco@cdr-inc.com; or Anthony Silverman for
Clayton, Dubilier & Rice, +44-20-7379-5151,
asilverman@maitland.co.uk; or Daniel G. Jacobs for Clayton,
Dubilier & Rice, +1-212-232-2227, djacobs@broadgate.com
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