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Brookfield Business Partners to acquire 45% stake in BrandSafway

Brookfield Business Partners LP, alongside its institutional partners, agreed to purchase 50% of Clayton Dubilier & Rice LLC's ownership stake in Brand Industrial Services Inc.

Brand Industrial, doing business as BrandSafway, is a global provider of infrastructure services to industrial and commercial facilities. Its management will continue to hold a minority stake in the business, while Brookfield and funds managed by Clayton Dubilier & Rice will own a roughly 45% stake each.

Brookfield's investment will be financed with about $1.3 billion of equity. About $400 million of the equity will be funded by Brookfield, while the remainder will be funded by its institutional partners. A portion of Brookfield's commitment may be syndicated to other institutional backers before or upon deal closing. The transaction is slated to close in the first quarter of 2020.

Brookfield Business is the business services and industrial-focused private equity arm of alternative asset manager Brookfield Asset Management Inc.

Debevoise & Plimpton LLP is the legal adviser of Clayton Dubilier & Rice in the transaction.