Clayton Dubilier & Rice has again increased its stable of operating partners, having now hired Fred Kindle, the former president and chief executive of Swiss engineering firm ABB.
Kindle spent four years at the helm of ABB, during which time the company’s sales and profits rose, CD&R said. Prior to ABB, Kindle was president and CEO of engineering company Sulzer.
Donald Gogel, CD&R chief executive, stressed in a statement the importance of the European market for the firm and welcomed Kindle to its robust team of operating partners.
New York-headquartered CD&R places strong emphasis on recruiting operating partners who participate in all aspects of the investment process.
It recently hired former Allstate CEO Edward Liddy, who joined the likes of Roberto Quarta, former chief executive of British Aviation company BBA Group, and Jack Welsch, former chairman and chief executive of General Electric.
CD&R is currently raising a $7.5 billion (€4.8 billion) fund, having held a first close on $2 billion, according to a source familiar with the firm. The firm’s previous fund closed on $4 billion in 2005.
CD&R invests in US and European businesses, mostly subsidiaries or divisions of large multi-business corporations, across a broad range of industries. The firm is ranked number 28 on the PEI 50, a ranking of the world’s largest private equity firms by sister publication Private Equity International.