Private equity firm Clayton, Dubilier & Rice is set to invest up to £85m in specialist building products supplier SIG in the first private investment in public equity deal in the UK in more than a decade.

CD&R’s investment is part of a wider equity raise proposed by SIG, worth approximately £150m. The investment has a guaranteed minimum of £72.5m, conditional on the total amount of equity being raised and satisfactory amendments to the group’s financing facilities being agreed, the company said in a statement.