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Clayton, Dubilier & Rice pays $610m for global water treatment company

Clayton, Dubilier & Rice (CD&R) has acquired global water treatment company Culligan International from French Veolia Environment for $610m.

'This transaction bears many of the hallmarks of our most successful investment,' said Donald Gogel, president and chief executive of CD&R. 'It is a carve-out of a non-core division from a major multinational parent that we believe we can build and enhance with our operationally focused investment model.'

Culligan manufactures and distributes water treatment products and bottled water for household and commercial use in North America and Europe. The company generated annual sales of $682m in 2003.

'Our hands-on approach is particularly well suited to tackling complex business situations and helping to redefine a company's position in the marketplace,' said George Tanke, an operating partner at CD&R involved in this transaction. 'We think Culligan has a wonderful set of assets, including an outstanding dealer network and a great brand that we can build on to create an even stronger company.'

CD&R was founded in 1978 and has invested over $5bn in 37 businesses, mostly subsidiaries of divisions of large multi-business corporations in a broad range of industries. The firm has offices in New York and London.

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