Clayton, Dubilier & Rice, a private investment firm headquartered in New York, and TPG Capital, a U.S. and European private equity company of alternative asset management firm TPG, have purchased Covetrus, an animal health technology and services company.
As a result of the deal, Covetrus is now a private company, and its stock is no longer publicly listed or traded on NASDAQ. Covetrus will maintain its headquarters in Portland, Maine, and will continue to operate under its current brands. Benjamin Wolin, Covetrus’ president and chief executive officer, will continue to lead the company.
“Starting with their initial investment in 2015, CD&R’s investments and continued support were critical in helping drive our transformation to become a leading global provider of animal health services,” comments Wolin. “Moving forward with both CD&R and TPG’s support, we believe Covetrus will be well positioned to strengthen our technology capabilities and product innovation and continue to empower veterinarians around the world.”
Goldman Sachs & Co. LLC served as financial advisor to Covetrus. Lincoln International LLC also served as financial advisor to Covetrus. Weil, Gotshal & Manges LLP served as legal counsel for Covetrus. Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets and Mizuho Securities USA LLC provided committed debt financing for the transaction and served as financial advisors to CD&R and TPG Capital. Debevoise & Plimpton LLP and Ropes & Gray LLP acted as legal counsel for CD&R and TPG Capital.