CD&R completes Wolseley purchase

UK: Private investment firm Clayton, Dubilier & Rice (CD&R) has completed the acquisition of UK refrigeration and air conditioning wholesaler Wolseley.

The carve-out transaction, valued at £308m, was first announced on January 4. It establishes Wolseley as an independent company, to be wholly-owned by management and CD&R funds.

Following the completion, Bruno Deschamps, operating advisor to CD&R funds and former COO of Ecolab, has assumed the role of chairman of the Wolseley board. Wolseley continues to be led by CEO Simon Oakland.