Clayton, Dubilier & Rice

Clayton, Dubilier & Rice (“CD&R”) is one of the world’s oldest and largest private equity firms. Founded in 1978 by Gene Clayton, Marty Dubilier and Joe Rice,[1][3], it manages over $46 billion across more than 120 businesses globally with offices in New York City and London.[2][5][8]. While it invests broadly—including industrials and technology—CD&R has made significant moves into healthcare through acquisitions such as Drive DeVilbiss Healthcare,[6], agilon health,[9], Envision Healthcare,[1], SmileDirectClub,[1], VWR International,[1], among others.

In April–May 2025 CD&R completed its most prominent recent deal by acquiring a controlling stake (~50%) alongside Sanofi in France-based Opella Healthcare Group SAS—a global leader in over-the-counter medicines—making it one of the largest players worldwide in consumer self-care products like Allegra/Allevia (“fexofenadine”), Dulcolax (“bisacodyl”), Buscopan (“hyoscine butylbromide”), Cialis Together (“tadalafil”) among others.[7][10]. This marks its most direct involvement with pharmaceutical assets but does not make CD&R itself a pharma or biotech company—it remains an investor/operator rather than developer.

The firm's strategy centers on building stronger businesses through operational excellence rather than developing drugs or medical devices themselves. Thus while they own or control many life sciences assets via their funds—including some that develop drugs/devices—the parent entity “Clayton Dubilier & Rice” should be classified strictly as a financial sponsor/private equity manager rather than biotech/pharma/CRO/CDMO/etc.