Clayton, Dubilier & Rice has entered into an agreement to invest $477 million in JohnsonDiversey for a 46% stake. The investment is part of a recapitalization valued at $2.6 billion that includes a debt financing package of approximately $1.9 billion. Through the transaction Unilever will reduce its stake from 33% to 4% and receive $158 million in cash and a $250 million sellers note. JohnsonDiversey sells commercial cleaning, sanitation and hygiene solutions in over 175 countries, generating more than $3 billion in annual sales.
CD&R's investment is only the seventh announced or completed transaction over $2 billion of 2009. This compares to the 86 private equity investments over $2 billion that were completed during the previous three years. 2007 was by far the biggest year for these mega-deals with 47 completed, followed by 2006 with 26 and 2008 with 15. The most active investors in deals over $2 billion are The Blackstone Group with 23, followed by GS Capital Partners and Kohlberg Kravis Roberts, both with 16. Overall 15 different private equity investors have invested in 5 or more transactions valued at $2 billion or more. Information provided by the PitchBook Platform.