Trio To Lead VWR Buyout

Clayton Dubilier & Rice has tapped Deutsche Bank, Citibank and Bank of America to lead the financing backing its $1.65 billion acquisition of VWR International, a subsidiary of Merck KGaA.

  • 18 Feb 2004
Email a colleague
Request a PDF

Clayton Dubilier & Rice has tapped Deutsche Bank, Citibank and Bank of America to lead the financing backing its $1.65 billion acquisition of VWR International, a subsidiary of Merck KGaA. Bear Stearns advised Merck, while Citi and Deutsche Bank advised CD&R.

CD&R will put in about $630 million of equity and the rest will consist of bank debt and bonds, a CD&R spokesman said. The transaction is expected to close by April. VWR reportedly was bought on a nine times EBITDA multiple, which means the total debt leverage multiple will be approximately 5.5 times. CD&R, which typically makes $300-400 million investments, is seeking co-investors for the transaction.

VWR, based in West Chester, Penn., is a distributor of scientific equipment and supplies. Approximately two-thirds of its $2.8 billion in sales were generated in the U.S. The rest came from Europe. Walter Sobon, WVR's cfo, declined comment. Merck officials could not be reached by press time.

  • 18 Feb 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%