Prov. Equity, Madison Dearborn to maintain control of CDW

PROVIDENCE EQUITY Partners - above: Jonathan Nelson, CEO - and Chicago-based Madison Dearborn Partners will maintain control of CDW Corp. after a planned $500 million stock sale.
Posted 3/25/13

CHICAGO - The private equity firms of Providence Equity Partners and Madison Dearborn Partners LLC will maintain a controlling stake in Chicago-based computer equipment maker CDW Corp. after a $500 million planned stock sale, reported Crain’s Chicago Business.

In a filing with the Securities and Exchange Commission announcing the planned public offering, CDW said that the private equity firms will “continue to control a majority of our common stock.”

According to an annual filing, at the end of 2012, Madison Dearborn owned a 48 percent of CDW and Providence Equity Partners owned 43 percent of the company, reported the news source.

The SEC filing did not disclose how stock would be sold in the $500 million offering, how much the private equity owners plan to offer or what price they will ask for the shares, said Crain’s.

In 2012, the computer equipment maker reported $119 million in profit on sales of $10 billion, said the news source, adding that the firms bought CDW in 2007 for $7.4 billion.

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