VWR International, Inc. to be acquired by Madison Dearborn Partners
VWR International, Inc., a portfolio company of Clayton, Dubilier & rice, Inc. (CD&R), announced that CDRV Investors, Inc., its parent company, has entered into a definitive agreement that will result in VWR being acquired by Madison Dearborn Partners (MDP). The transaction is expected to be completed during the third quarter of 2007, subject to customary closing conditions. Terms of the transaction were not disclosed.
This announcement follows a period of significant growth and profitability for VWR, driven by strategic initiatives designed to make VWR the supplier of choice in the $27 billion global laboratory supply industry. According to the company, with 2006 revenue of over $3.2 billion, VWR is the second largest distributor in the industry and has a global base of customers in pharmaceuticals, biotechnology, education and industry.
"This transaction is clear recognition of our achievements over the past three years," said VWR President and Chief Executive Officer, John Ballbach. "Together with the team from CD&R, we have put together a very talented management team, restructured our operations to more efficiently serve customers, made significant debt repayments and launched our business in Asia. We are very appreciative of our employees' efforts, as well as the loyalty of our customers, which have together made VWR the market leader it is today. We look forward to continuing to execute our strategy together with Madison Dearborn Partners and to maintaining our position as a market leader."
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