ATLANTA (News release) -- Veritiv Corporation, a leading distributor of packaging, facility solutions, and print products, today announced that an affiliate of Clayton, Dubilier & Rice, LLC (CD&R) completed its acquisition of the company.
On August 7, 2023, CD&R and Veritiv announced they had entered into a definitive agreement under which each share of Veritiv common stock issued and outstanding immediately prior to the closing of the transaction would be acquired for $170.00 per share in cash, valuing Veritiv at approximately $2.6 billion.
"The completion of this transaction represents an important milestone in our company's journey," said Sal Abbate, Chief Executive Officer of Veritiv. "CD&R's significant investment in Veritiv is a testament to our company's strong positioning as a leading specialty distribution solutions company and to our team's hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today - and into the future."
"After following Veritiv for several years, we are excited to be closing on our acquisition today," said Rob Volpe, Partner at CD&R. "We have great appreciation for the high quality of the Veritiv business, which has strong customer and supplier relationships, a highly engaged workforce, and differentiated operational and service capabilities. Veritiv's management team has executed a significant transformation over the last few years, creating a strong leader in the industry. We are excited to support Sal and the leadership team in accelerating organic and inorganic growth and pursuing additional value creation opportunities."
John Stegeman, Operating Advisor to CD&R funds, will serve as Chairman of Veritiv with the closing of the transaction. Mr. Stegeman is the Chief Executive Officer of White Cap. Previously, he was the President and Chief Executive Officer of Ferguson Enterprises. "We are pleased to support Veritiv's mission of delivering innovative and sustainable solutions to customers, and we are excited to contribute to Veritiv's growth as a private company," said Mr. Stegeman.
With the completion of the transaction, Veritiv's common stock has ceased trading and is no longer listed on the New York Stock Exchange.