Clayton, Dubilier & Rice’s Acquisition of Carestream Dental

Debevoise & Plimpton LLP is acting as legal advisor to CD&R, and Kirkland & Ellis LLP is acting as legal advisor to Hillhouse/CareCapital. Citi and Credit Suisse are acting as financial advisors to CD&R and Hillhouse/CareCapital. Jefferies LLC is serving as financial advisor and Arnold & Porter Kaye Scholer LLP is acting as legal advisor to Carestream. Subject to regulatory and other approvals, the transaction is expected to close in the third quarter of 2017.

Debevoise is also advising on the financing aspects of the transaction.

Carestream Dental is a leading provider of dental technology with a portfolio of digital imaging equipment and practice management software that supports a global dental market undergoing rapid advances in standards of care and clinical efficiency. Carestream Dental holds over 500 patents and offers a comprehensive line of 2D and 3D extraoral imaging and intraoral imaging equipment and related software that is complemented by the company’s dental practice management software services, which manage all aspects of a dental practice from patient check-in to creation of digital patient records and image management. The company has approximately 1,500 employees worldwide and serves a large, diverse global customer base across 85,000 dental practices in 100 countries.

As announced, CD&R is partnering with CareCapital Advisors Limited, a specialist investment platform focused on dental and consumer health in Asia and part of Hillhouse Capital Management. Upon completion, CD&R-managed funds will invest 75% of the equity in the transaction, while Hillhouse/CareCapital affiliates will provide 25%. The transaction is expected to close in the third quarter of 2017.

The Debevoise team is led by partners Kevin A. Rinker (Picture), Michael A. Diz and Jeffrey E. Ross and includes partners Jeffrey P. Cunard, Peter A. Furci, Meir D. Katz, Scott B. Selinger and counsel Kyra K. Bromley and Stuart Hammer, and associates Joseph M. Binder, Jane Chung, Laura Ann Cicirelli, Michelle Gilmore, Michelle M. Hillenbrand, Ross Liemer, Sue Meng, Franklin L. Mitchell, Andrea Pomana, Christian Richter, Anna Smith, Caitlin Wilcox and Alexander Wolff.

Involved fees earner: Kevin Rinker – Debevoise & Plimpton; Michael Diz – Debevoise & Plimpton; Ross Liemer – Debevoise & Plimpton; Sue Meng – Debevoise & Plimpton; Christian Richter – Debevoise & Plimpton; Jeffrey Ross – Debevoise & Plimpton; Scott Selinger – Debevoise & Plimpton; Laura Ann Cicirelli – Debevoise & Plimpton; Michelle Gilmore – Debevoise & Plimpton; Anna Smith – Debevoise & Plimpton; Jeffrey Cunard – Debevoise & Plimpton; Michelle Hillenbrand – Debevoise & Plimpton; Caitlin Wilcox – Debevoise & Plimpton; Peter Furci – Debevoise & Plimpton; Joseph Binder – Debevoise & Plimpton; Meir Katz – Debevoise & Plimpton; Franklin Mitchell – Debevoise & Plimpton; Kyra Bromley – Debevoise & Plimpton; Andrea Pomana – Debevoise & Plimpton; Stuart Hammer – Debevoise & Plimpton; Alexander Wolff – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Clayton Dubilier & Rice;

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Author: Ambrogio Visconti