CD&R and TPG complete take-private buyout of animal health tech firm Covetrus

  • Benjamin Wolin will continue to lead Covetrus as president and CEO
  • Goldman Sachs served as lead financial advisor to Covetrus with Lincoln International LLC also providing financial advice
  • Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets and Mizuho Securities USA were financial advisors to CD&R and TPG Capital

Clayton, Dubilier & Rice and TPG have closed their previously announced take-private buyout of Portland, Maine-based animal health tech firm Covetrus. No financial terms were disclosed.

As a result of the closing, Covetrus is no longer trading on the NASDAQ.

“We are thrilled to begin this next chapter of growth in partnership with CD&R and TPG and with a continued commitment to driving more positive outcomes for the global veterinary community,” said Benjamin Wolin, Covetrus’ president and CEO, in a statement. “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. 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.”

Wolin will continue to lead Covetrus as president and CEO. Covetrus will maintain its headquarters in Portland, Maine, and will continue to operate under its current brands.

Goldman Sachs & Co. LLC served as lead financial advisor to Covetrus with Lincoln International LLC also providing financial advice. 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.

Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of more than $175 billion.

Founded in San Francisco in 1992, TPG has $127 billion of assets under management and investment.