HD Supply Enters Into Definitive Agreement to Sell its Construction & Industrial--White Cap Business Segment to Clayton, Dubi...
11 Agosto 2020 - 9:00AM
HD Supply Holdings, Inc. (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. Net
proceeds from the sale are expected to be approximately $2.5
billion after taxes and transaction costs. The transaction is
expected to close in October 2020, subject to customary regulatory
approvals.
"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. "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."
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. A more detailed discussion around the use of
proceeds will take place on our second-quarter earnings call in
early September.
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.
Advisors
Goldman Sachs & Co. LLC served as financial advisor and
Jones Day served as legal counsel to HD Supply on the transaction.
Debevoise & Plimpton served as legal counsel to CD&R on the
transaction.
About HD Supply
HD Supply (www.hdsupply.com) is one of the largest industrial
distributors in North America. 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. Through
approximately 270 branches and 44 distribution centers in the U.S.
and Canada, the company's approximately 11,500 associates provide
localized, customer-tailored products, services and expertise.
About Clayton, Dubilier & Rice
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. The Firm has
offices in New York and London. For more information, visit
www.cdr-inc.com.
Forward-Looking Statements and Preliminary
Results
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are based on management's beliefs and assumptions and
information currently available to management and are subject to
known and unknown risks and uncertainties, many of which may be
beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of
future results, and that actual results may differ materially from
those made in or suggested by the forward-looking information
contained in this press release. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may," "plan," "seek," "comfortable with,"
"will," "expect," "intend," "estimate," "anticipate," "believe" or
"continue" or the negative thereof or variations thereon or similar
terminology. A number of important factors could cause actual
events to differ materially from those contained in or implied by
the forward-looking statements, including, without limitation, our
ability to obtain the required regulatory approvals for the
transaction, our ability to satisfy the other closing conditions,
our ability consummate the transaction on the anticipated timing,
if at all, and the impact of the coronavirus disease 2019 outbreak
(“COVID-19”) on the maintenance, repair and operations and
specialty construction sectors, in general, and the financial
position and operating results of our company, in particular, which
cannot be predicted and could change rapidly and those "Risk
factors" in our annual report on Form 10-K, for the fiscal year
ended February 2, 2020, filed on March 17, 2020 and those described
from time to time in our, and HD Supply, Inc.'s, other filings with
the U.S. Securities and Exchange Commission (the “SEC”), which can
be found at the SEC's website www.sec.gov. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
Investor and Media Contact:Charlotte
McLaughlinHD Supply Investor
Relations770-852-9100InvestorRelations@hdsupply.com
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