Veritiv Corp, the distributor of packaging, facility solutions and print products, has entered into a definitive agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC (CD&R), in a $2.3 bn deal that would take the packaging company private.
Having determined that the offer is in the best interests of the company and its shareholders, Veritiv’s Board of Directors unanimously voted to approve the transaction and recommended that shareholders vote in favor of the transaction.
“This agreement is a pivotal moment in Veritiv’s history,” said Sal Abbate, Chief Executive Officer, Veritiv. “CD&R’s interest in our company is a testament to our team’s hard work, innovation, and dedication. Fuelled by this partnership, we will continue to evolve towards our greatest potential, delivering innovative and sustainable solutions to our customers today – and into the future.”
Rob Volpe, Partner, CD&R, added, “Veritiv is a well-positioned industry leader with differentiated capabilities that deliver value to customers. We look forward to supporting Veritiv’s talented leadership team in this next phase of the company’s growth, as they continue to pursue their long-term strategic objectives while maintaining an unwavering commitment to employees, suppliers, and customers.”