CD&R Exits Univar

US private equity group Clayton, Dubilier & Rice (CD&R) has made a public offering of nearly 11.6 million shares (representing 6.9% of its issued and outstanding shares) in Univar Solutions.

CD&R said the offering represents the conclusion of a nine-year investment in Univar. Following the offering, which was expected to close on Sep. 25, 2019, CD&R will no longer hold any shares in the distributor.

Consequently, David Wasserman of CD&R will resign from Univar’s board of directors, where he has served since November 2010. Univar will not replace Wasserman, instead reducing the size of its board to 12 directors with effect from Oct. 31, 2019.