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
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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

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1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

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