Through a June 2014 IPO and February 2015 block trade, CD&R Funds sold 66% of their position in B&M Retail, generating $883 million of proceeds to Fund VIII and £395 million to CD&R LP Co-investors, or 2.9x capital invested. As of March 31, 2015, CD&R continued to own approximately 17% of the company. Including the discounted value of shares held by Fund VIII and realized proceeds received to date, the B&M investment generated a gross MOI of 4.3x and a gross IRR of 139% as of March 31, 2015.

In March 2015, BCA was acquired by Haversham Holdings, a publicly listed investment vehicle, in a transaction valued at approximately £1.2 billion. Fund VIII and affiliates received proceeds totaling £537 million, including $761 in cash and £25 million in stock of Haversham, which was rebranded BCA Marketplace plc upon the consummation of the transaction. Including a $241 million April 2011 dividend, the total value of Fund VIII’s investment in BCA is approximately $1 billion, representing 2.9x capital invested and a 33% gross IRR. BCA EBITDA increased approximately 85% under CD&R ownership.

In March 2015, CD&R Fund VIII and CD&R co-investors completed their exit from Envision Healthcare. In the aggregate, the investment generated total proceeds of $4.7 billion, including $2.4 billion to Fund VIII, representing a gross MOI of 5.3x and a gross IRR of 74%. CD&R realized the investment through a special dividend in October 2012 and a series of secondary offerings and block trades in 2014-2015. Under CD&R’s ownership, Envision revenue and EBITDA increased 50% and 68%, respectively.

In April 2014, Exova completed an IPO at £2.20 per share. Through the IPO, CD&R Fund VII and affiliates sold approximately 25% of their stake in Exova, and CD&R funds continue to own 54% of the equity. Including both the realized proceeds and the discounted public value of the shares that Fund VII continued to own, CD&R’s equity investment was valued at 1.1x capital invested (in USD) as of March 31, 2015.

Through a series of secondary offerings and block trades over the course of 2014 and 2015, CD&R Fund VII and CD&R co-investors completed their exit from the HD Supply equity investment. The aggregate HD Supply investment (including the HD Supply debt investment) generated $1.4 billion in aggregate proceeds, which represented a 1.3x gross MOI on the equity investment, a 1.8x gross MOI on the debt investment, and an aggregate gross MOI of 1.4x.

Through a series of cash dividends paid from 2013 through early 2015, including a June 2014 recapitalization, Fund VIII has realized $191 million, or 99% of invested capital in Hussmann. As of March 31, 2015, including both realized proceeds to date and the unrealized value of Fund VIII’s continuing 57% ownership stake in the company, the Hussmann investment was generating a 3.2x gross MOI and a 50.2% gross IRR.

In January 2015, Fund VIII completed the sale of 10.9 million shares of NCI common stock through an underwritten secondary offering and concurrent privately-negotiated repurchase transaction. The sale generated total net proceeds of approximately $187 million, which together with $11 million of cash dividends previously received, represented a cumulative return of approximately 79% of the original $250 million investment. Fund VIII continues to own approximately 59% of NCI’s outstanding common stock. As of March 31, 2015, including realized proceeds to date and the discounted value of Fund VIII’s NCI common shares, the NCI investment had generated a gross MOI of 3.5x and a gross IRR of 28%.

In April 2014, Fund VI and Fund VII sold their remaining indirect ownership of Rexel stock, completing the exit from the Rexel investment. In the aggregate, the Rexel investment generated $1.2 billion of proceeds to Fund VI and Fund VII, representing a gross MOI of 2.3x. Under CD&R ownership, Rexel expanded its geographic footprint around the world, developed a presence in new product categories and recruited a new senior management team. Under CD&R’s ownership, the company increased sales by 91% and EBITDA by 115%.

In January 2015, SPIE distributed €279 million to shareholders in connection with a recapitalization, including $189 million to Fund VIII. In June 2015, SPIE completed a €939 million initial public offering. As part of the transaction, CD&R Fund VIII sold approximately 19% of its stake in the company. To date, total proceeds received by Fund VIII are approximately $284 million, or 71% of the original cost basis. Fund VIII continues to own approximately 15% of the company. Pro forma for the IPO, SPIE was leveraged approximately 3.5x net debt to LTM December 2014 EBITDA.

In secondary offerings in February and June 2015, Fund VII and affiliates sold 36.6 million shares of ServiceMaster. Total net proceeds to CD&R were $1.1 billion, including $739 million to Fund VII and $181 million to Fund VII (Co-Investment). Following the June 2015 secondary offering, CD&R continued to own approximately 17% of the company’s common stock. Including both realized proceeds and the discounted value of CD&R’s remaining shares, the implied valuation on the ServiceMaster investment is 2.7x its pro forma cost basis.