Clayton, Dubilier & Rice, Inc, (“CD&R”) today announced a definitive agreement to sell Brakes, the leading foodservice distributor, to funds affiliated with Bain Capital. The transaction is expected to be completed within approximately two months, subject to customary regulatory approvals.

Since being acquired by CD&R in August 2002, Brakes has strengthened and expanded its market leadership through product innovation and customer service. The company has integrated its operations and built a strong regional structure both in the UK and in France. Over the last five years, Brakes has seen its turnover grow by 14% and operating profit by close to 70%.

Brakes Chairman and CD&R partner Bruno Deschamps said: “This transaction is testimony to the great progress Brakes has made under the stewardship of CD&R. Under the company’s strong leadership team, Brakes has developed a powerful growth platform which is delivering great performance.”

Commenting on the sale CD&R partner Christian Rochat said: “CD&R’s extensive knowledge of distribution businesses in general and foodservice in particular has been instrumental in helping Brakes achieve strong, sustainable growth.”

Last month CD&R announced an agreement to sell VWR International, a leading laboratory supplies distribution company to Madison Dearborn.

CD&R was advised by JP Morgan and Deutsche Bank. Debevoise & Plimpton provided legal advice.

About Brakes 
Brakes is a leading supplier of quality food to the catering industry in the UK and France, with a turnover in excess of £1.6billion. Brakes’ vision is to be every caterer’s first choice across Europe. Its strong understanding of the needs of the catering industry, combined with innovation in both products and service, has seen Brakes develop into a leading foodservice solutions provider. Brakes supplies products across food and non-food products across all three temperature ranges – frozen, ambient and chilled-to serve a diverse customer base, including independently-owned pubs, restaurants, hotels, fast food outlets, contract caterer, schools, and hospitals. The Company distributes more than 15,000 products, including Brake-branded and other manufacturers’ products, to approximately 150,000 customer outlets in the UK and France. Brakes’ broad customer base and wide product range contribute to the stability and diversity of the Company’s revenue and earnings stream. For more information about Brakes, visit www.brake.co.uk.