Clayton, Dubilier & Rice, LLC (CD&R) is set to sell the last of its stake in Core & Main Inc., people familiar with the situation said. An unnamed group of shareholders is offering to sell 19.8 million shares in the distributor of products such as water pipes and fire sprinklers, according to a press release Jan. 22, 2024.

The unnamed sellers are seeking to raise as much as $827.6 million from the sale, the people said, asking not to be identified as the information is private. The shares were marketed in a price range of $41.35 to $41.80 each, the people said. CD&R has been reducing its Core & Main shareholdings in a series of transactions by its affiliates beginning in 2022, SEC filings show.

It owned about 8.65% of Core & Main?s shares as of Jan. 10, according to data compiled by Bloomberg. A representative for CD&R declined to comment, while a Core & Main spokesperson didn?t immediately respond to a request for comment.