Private investment company Clayton, Dubilier & Rice (CD&R), through its affiliate, has completed the acquisition of Veritiv, a US-based packaging, print products, and facility solutions distributor.

Following the completion of this deal, Veritiv has become a privately held company.

Veritiv said its common stock will no longer be listed and traded on the New York Stock Exchange.

CD&R funds’ operating advisor John Stegeman has now been appointed as the new chair of Veritiv.

Stegeman, who previously served as CEO and president of Ferguson Enterprises, is also the CEO of North American company White Cap.

“We are pleased to support Veritiv’s mission of delivering innovative and sustainable solutions to customers, and we are excited to contribute to Veritiv’s growth as a private company,” Stegeman said.

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The latest announcement comes a few months after CD&R entered a definitive agreement to acquire Veritiv.

As per the terms of the deal announced on 7 August, CD&R agreed to pay $170 in cash for each of Veritiv’s common stock, issued and outstanding before the deal’s closing.

This brings the value of Veritiv to $2.6bn.

Veritiv CEO Sal Abbate said: “CD&R’s significant investment in Veritiv is a testament to our company’s strong positioning as a leading speciality distribution solutions company and to our team’s hard work and commitment.

“We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing innovative and sustainable solutions we deliver to our customers today – and into the future.”

Veritiv’s exclusive financial advisor and legal counsel for the deal were Morgan Stanley and Alston & Bird, respectively.

CD&R’s lead financial advisors for the deal were Guggenheim Securities and Wells Fargo Securities while Kirkland & Ellis and Debevoise & Plimpton served as legal counsels.

CD&R partner Rob Volpe said: “Veritiv’s management team has executed a significant transformation over the last few years, creating a strong leader in the industry.

“We are excited to support Sal and the leadership team in accelerating organic and inorganic growth and pursuing additional value-creation opportunities.”