Cardinal Health Inc. said it will sell a majority stake in subsidiary naviHealth Inc. to private equity firm Clayton Dubilier & Rice LLC.

Brentwood, Tenn.-based naviHealth provides post-acute care management solutions in the U.S., partnering with health plans, hospital systems, physician groups and other healthcare providers.

Under the agreement, CD&R-managed funds will acquire an approximately 55% stake in naviHealth, while Cardinal will retain the remaining 45% ownership, plus the option to reacquire the business.

Dublin, Ohio-based Cardinal said the investment will help accelerate naviHealth's growth.

Upon completion of the transaction, the operating adviser to CD&R funds, Ron Williams, who is also the former chairman and CEO of Aetna Inc., will be appointed naviHealth's chairman.

NaviHealth CEO Clay Richards will retain his role and will also take a seat on the board. The company will have eight directors with Cardinal and CD&R each appointing three additional directors.

The transaction is expected to close in the third quarter, subject to customary closing conditions.