CD&R buys French home equipment retailer BUT

Clayton, Dubilier & Rice has acquired BUT, a French home equipment retailer. No financial terms were disclosed for the transaction that was conducted with WM Holding. Sir Terry Leahy, a senior adviser to CD&R funds and former CEO of Tesco, has been appointed BUT’s board chairman.

PRESS RELEASE

LONDON – 18 November 2016 – Clayton, Dubilier & Rice (“CD&R”) completed today the previously announced acquisition of BUT, the largest furniture retailer network in France, in a 50:50 partnership with WM Holding, a company related to XXXLutz Group, one of Europe’s three largest furniture retailers. Sir Terry Leahy, Senior Advisor to CD&R funds and former CEO of Tesco, has assumed the role of Chairman of the Board.

BUT is one of the leading home equipment retailers in France, operating through a network of 303 stores. The company offers a comprehensive selection of furniture, appliances and decorative products, all complemented by attractive financing and extended warranty services. In FY2016, BUT generated revenue of €1.5 billion.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice invests in European and U.S-based businesses. Since inception, CD&R has managed the investment of $21 billion in 71 companies representing a broad range of industries with an aggregate transaction value of approximately $100 billion. More than half of the investments completed by CD&R since 2009 have been highly distinctive “partnership” transactions in which a corporate or strategic partner selects CD&R to invest and help create value in a business it owns or is acquiring. The Firm has offices in London and New York. For more information, visit www.cdr-inc.com.

About BUT
Founded in 1972, BUT has grown to become the home equipment retailer with the largest store network in France, offering a comprehensive selection of furniture, decoration and appliances. With more than 5,000 employees, the company maintains the third largest position in terms of market share in furniture in the country. BUT’s 303 stores include 204 directly owned and 99 franchisee-operated. For more information, visit http://www.but.fr/.

About XXXLutz
XXXLutz Group is one of Europe’s three largest furniture retailers. Established in 1945, XXXLutz Group employs approximately 20,800 employees and has approximately €3.9 billion annual turnover. For more information, visit www.xxxlgroup.com.