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11/2023MajorityLBO

Clayton, Dubilier & Rice (CD&R) takes majority stake in Veritiv Corporation

UNITED STATES Chemicals & Materials / Packaging & Containers EV $1–10bn

Context

Clayton, Dubilier & Rice (CD&R) has completed the acquisition of Veritiv Corporation in a public-to-private transaction. Under the terms of the agreement, CD&R acquired all outstanding shares of Veritiv common stock for $170.00 per share in cash. The strategic rationale for the acquisition is to support Veritiv’s ongoing transformation into a pure-play leader in specialty packaging distribution. By moving to a private ownership structure, Veritiv gains the financial and operational flexibility necessary to accelerate its "buy and build" strategy and invest in further supply chain optimizations. Post-transaction, Veritiv will focus on expanding its value-added services and consolidating its dominant position in the fragmented North American packaging market. Sal Abbate continues as CEO, supported by a newly appointed Board of Directors featuring veteran industrial advisors.

By taking control of Veritiv Corporation, Clayton, Dubilier & Rice continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Wolseley UK in 2021.

Veritiv Corporation, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

-> Deep-dive in Industry & Manufacturing market trends

Target

Headquartered in Atlanta, Veritiv is a leading North American full-service provider of packaging, JanSan, and hygiene products. The company was taken private by the global investment firm Clayton, Dubilier & Rice (CD&R) in 2023. Veritiv’s investment thesis centers on consolidating the fragmented specialty packaging distribution sector to create an unparalleled design-to-delivery platform. Its business model leverages significant scale and a vast distribution network to offer integrated supply chain solutions, including custom design, global sourcing, and sustainable product alternatives. Under CD&R’s ownership, Veritiv has pursued an aggressive "buy and build" strategy, acquiring several specialty players like Vivabox and AmeriPac to enhance its value-added service capabilities. The company serves a wide range of global industries, positioning itself as a mission-critical partner for brands seeking to streamline their packaging lifecycles and improve operational sustainability.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2022
$1–10bn
$450–900M
[members only]
2021
$1–10bn
$450–900M
[members only]

Other operations with Veritiv Corporation

Other operations with Veritiv Corporation
DateAcquirerTargetCountrySector
12/2024VERITIV CORPORATIONORORA PACKAGING SOLUTIONSUNITED STATESPackaging & Containers

Other operations with Clayton, Dubilier & Rice (CD&R)

Other operations with Clayton, Dubilier & Rice (CD&R)
DateAcquirerTargetCountrySector
04/2026CLAYTON, DUBILIER & RICE (CD&R)SEALED AIR CORPORATIONUNITED STATESPlastic Packaging
10/2024CLAYTON, DUBILIER & RICE (CD&R)OPELLAFRANCEGenerics / Labs
04/2024CLAYTON, DUBILIER & RICE (CD&R)PRESIDIOUNITED STATESConsulting & Integration
02/2021CLAYTON, DUBILIER & RICE (CD&R)WOLSELEY UKUNITED KINGDOMIndustrial & Technical Distribution
05/2020CLAYTON, DUBILIER & RICE (CD&R)HUNTSWORTHUNITED KINGDOMHealthcare Services
12/2019CLAYTON, DUBILIER & RICE (CD&R)SOCOTECFRANCETIC (Testing, Inspection, Certification)

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $1–10bn

EBITDA range: $450–900M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Veritiv Corporation by Clayton, Dubilier & Rice (CD&R) are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: veritiv corporation

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Veritiv Corporation, an American company specialised in Packaging & Containers, by Clayton, Dubilier & Rice in 2023, structured as a leveraged buyout (LBO).

How was the acquisition of Veritiv Corporation by Clayton, Dubilier & Rice valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Veritiv Corporation’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Veritiv Corporation generated annual revenue estimated in the $1–10bn range and EBITDA in the $450–900M bracket (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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