Clayton, Dubilier & Rice (CD&R) has appointed former Bristol-Myers Squibb chief executive Giovanni Caforio as an operating adviser, strengthening the private equity firm’s healthcare expertise as it looks to identify new investment opportunities in Europe, according to a report by Bloomberg.
Caforio, who is chairman of Swiss pharmaceutical company Novartis, will work with CD&R’s investment team to source and assess healthcare opportunities and support companies already in the firm’s portfolio.
His appointment is part of a broader strategy by CD&R to bring former corporate executives into its investment operation, drawing on their sector expertise, regulatory knowledge and relationships to help identify opportunities and improve the performance of portfolio companies.
Caforio spent more than two decades at Bristol-Myers Squibb after joining the pharmaceutical company from Abbott Laboratories in 2000. He became CEO in 2015 and subsequently served as chairman before joining Novartis last year.
The appointment follows two other senior healthcare hires by CD&R this year. In June, the firm brought in former Enovis CEO Matthew Trerotola as an adviser covering healthcare and industrial investments. It subsequently appointed former Catalent chairman and CEO John Chiminski in July.
The recruitment drive comes as CD&R seeks to expand its pipeline while maintaining its traditional focus on private equity buyouts. Unlike some major rivals, the firm has largely resisted expanding into areas such as private credit and infrastructure.
Founded in 1978, CD&R closed its latest flagship buyout fund at $26bn in 2023 and is now seeking to raise a new flagship vehicle. The firm has also continued to pursue large-scale healthcare transactions, including its acquisition of a controlling stake in French pharmaceutical group Sanofi.
