# White Cap

White Cap is an Asset Manager based in Atlanta, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Atlanta, United States
- **Region:** North America
- **Address:** Atlanta, GA, United States
- **Assets under management:** Undisclosed
- **Website:** whitecap.com

## Regulatory record

- **Reports private funds:** No

## About

White Cap operates as a coast-to-coast distributor of specialty concrete accessories, tools, and safety gear for professional contractors — the kind of non-residential construction backbone that turns fragmented local supply into a scaled logistics network. Originally born from the construction-supply heritage of HD Supply, the business was carved out and acquired by Clayton, Dubilier & Rice in 2020 in a deal valued at roughly $2.9 billion (per Bloomberg, 2020). The platform merged with Construction Supply Group shortly after, creating the largest single player in a highly fragmented concrete-accessories market. The firm's strategy is a physical roll-up backed by institutional capital. White Cap acquires regional and local distributors, integrating them into a national footprint that spans job sites from highway overpasses to high-rise foundations. Its real-asset edge is not owning property but commanding last-mile logistics across over 400 locations and a fleet of delivery vehicles. The branch count overtook 400 after absorbing several bolt-ons under CD&R's ownership. Asset-class exposure flows through private-equity infrastructure, with direct operational control over physical inventory and real-property leases in every major US metro. White Cap does not publicly disclose total assets under management — it is an operating company inside a private-equity portfolio, not a fund manager. The business is held by CD&R Fund XI, with the GP's own equity deployed alongside limited-partner commitments. In August 2024, CD&R filed to take White Cap public, launching what was expected to be one of the larger private-equity-backed IPOs of the year, before broader market volatility pushed the timing into a wait-and-hold posture (per Reuters, August 2024). The structural differentiator is White Cap's function as a direct operating asset in a buyout portfolio rather than a financial investment fund. Institutional allocators who gain exposure do so through commitments to CD&R's flagship vehicles — the firm does not raise its own outside capital. The succession and governance arc runs through the CD&R investment committee and a board chaired by the GP, making White Cap a case study in converting a fragmented industrial supply chain into a single vertically managed entity with IPO-exit intent.

## Sectors

- Real Estate
- Private Credit
- Industrial Tech

## People

- Alan Sellers — CEO

## Questions

### Who runs investment decisions at White Cap?

White Cap is an operating company, not an investment firm — it does not make fund-level allocation decisions. Corporate strategy and M&A bolt-on acquisitions are led by CEO Alan Sellers and his management team, with board oversight from controlling shareholder Clayton, Dubilier & Rice.

### How is White Cap related to HD Supply and Clayton, Dubilier & Rice?

White Cap was originally a unit of HD Supply's construction and industrial business. Clayton, Dubilier & Rice acquired the White Cap division in 2020 for approximately $2.9 billion, then merged it with Construction Supply Group to create the largest specialty concrete-accessories distributor in the U.S.

### Does White Cap raise outside capital or operate as a fund?

No. White Cap is a private-equity-backed operating company held inside CD&R Fund XI. It does not manage third-party capital. Institutional investors gain exposure exclusively through commitments to Clayton, Dubilier & Rice's flagship buyout funds.

### How does White Cap source its bolt-on acquisitions?

White Cap's M&A pipeline is driven by its internal corporate-development team under Alan Sellers. The firm targets regional family-owned distributors of concrete accessories, safety products, and industrial tools that can be integrated into its 400-plus-branch network.

## Related profiles

- [HD Supply](https://altss.com/profile/hd-supply)
- [Woolpert](https://altss.com/profile/woolpert)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/incs-white-cap-businessconstruction-supply-group

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology