Clayton Dubilier & Rice to add Wolseley UK to portfolio

Clayton Dubilier & Rice LLC agreed to purchase U.K.-based plumbing and heating products distributor Wolseley UK Ltd. from Ferguson PLC for a net consideration of £308 million.

Bruno Deschamps, the private equity firm's operating adviser, will serve as chairman of the company, while Wolseley's CEO Simon Oakland will stay on and lead the business.

The company will become independent and wholly owned by the private equity firm's funds and management upon the completion of the carve-out transaction, which is set to occur in the first quarter.

Clifford Chance and Debevoise & Plimpton LLP were legal advisers to Clayton Dubilier & Rice.