Clayton Dubilier & Rice to invest $250m into Covetrus.

Clayton Dubilier & Rice, a private investment firm, agreed to invest $250m into Covetrus, a global provider of animal-health technology and services. The $250m in proceeds from the perpetual convertible preferred equity investment will be used to repay a portion of the company’s revolver borrowings, provide additional short-term liquidity, and support general corporate purposes. “We are pleased to expand our relationship with CD&R as we look to best position our business and fortify our balance sheet during this period of uncertainty. We are confident in our strategic plan and the long-term prospects for the animal-health market and believe this investment will position us to further deliver on our growth initiatives and our commitments to our employees, customers, supplier partners and shareholders,” Ben Wolin, Covetrus President and CEO.