Clayton, Dubilier & Rice and TPG complete acquisition of Covetrus

Benjamin Wolin, President and Chief Executive Officer at Covetrus

Covetrus, an animal-health tech and services firm, announced the successful acquisition by funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital, the large-scale US and European private equity platform of global alternative asset management firm TPG. Covetrus is now a private company, and its stock is no longer publicly listed or traded on NASDAQ.

What does the acquisition mean for Covetrus?

“We are thrilled to begin this next chapter of growth in partnership with CD&R and TPG and with a commitment to driving more positive outcomes for the veterinary community,” said Benjamin Wolin, Covetrus’ President and CEO and member of the Board of Directors.

“Starting with their initial investment in 2015, CD&R’s investments were critical in helping drive our transformation to become a leading global provider of animal health services. Moving forward with both CD&R and TPG’s support, we believe Covetrus will be well positioned to strengthen our tech capabilities and product innovation to empower veterinarians worldwide.”

Mr. Wolin will continue to lead the firm as President and CEO. Covetrus will maintain its headquarters in Portland, Maine, and will continue to operate under its current brands.

Goldman Sachs & Co. LLC served as lead financial advisor to Covetrus. Lincoln International LLC as financial advisor to Covetrus. Weil, Gotshal & Manges LLP was legal counsel. Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets and Mizuho Securities USA provided debt financing and were as financial advisors to CD&R and TPG Capital. Debevoise & Plimpton LLP and Ropes & Gray LLP were legal counsel for CD&R and TPG Capital.