Deal Details
Core & Main Completes $520 Million Follow-On Offering
Summary
Core & Main, Inc. (“Core & Main” or the “Company”) (NYSE: CNM), a portfolio company of Clayton, Dubilier & Rice, LLC (“CD&R”), recently completed a secondary public offering of 20,000,000 shares of its Class A common stock at a public offering price of $26.00 per share. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Core & Main’s Class A common stock. Core & Main will not receive any proceeds from the offering.
Baird served as a bookrunner on this offering.
About
Core & Main is a leading specialized distributor of water, wastewater, storm drainage and fire protection products and related services to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets nationwide. The Company’s specialty products and services are used in the maintenance, repair, replacement and construction of water and fire protection infrastructure. Core & Main is one of only two national distributors operating across large and highly fragmented markets, which is estimated to represent approximately $27 billion in annual spend. The Company is headquartered in St. Louis, Missouri.Founded in 1978, Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of more than $40 billion in 100 companies representing a broad range of industries with an aggregate transaction value of more than $175 billion. CD&R is headquartered in New York, New York.
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- Date
- January 2022
- Company
- Core & Main, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Industrial
- Verticals
-
Water & Filtration
Building & Infrastructure
- Target Geography
- North America
- Acquiror Geography
- North America
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