Private-equity firm Clayton Dubilier & Rice will invest $395 million to acquire a majority ownership stake in Wilsonart International Holdings LLC, a part of Glenview, Ill.-based Illinois Tool Works Inc.’s (NYSE: ITW) decorative-surfaces business.

Wilsonart, which will become a new, independent company, makes and distributes high-pressure laminates and other surfacing materials used countertops and worktops in various furniture, office and retail spaces. The company generated revenue of roughly $1.1 billion in 2011.

New York and London-based Clayton Dubilier has a history of creating independent businesses from former divisions of larger corporations. Most recently, the company created Hussmann International, formerly a division of Ingersoll Rand, and Atkore International, which was formerly Tyco International’s electrical and metal products business.

Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank, Goldman Sachs Bank USA, Morgan Stanley and UBS Investment bank committed financing for the deal and acted as financial advisers.

Debevoise & Plimpton LLP acted as Clayton Dubilier’s legal adviser, with a team that included partners Franci Blassberg, Kevin Rinker, Jeffrey Cunard, Andrew Levine, Jonathan Lewis, Jeffrey Ross and David Schnabel.