Home >Sealed Air sells New Diversey to Bain Capital Private Equity
Sealed Air sells New Diversey to Bain Capital Private Equity
28 March 2017
Sealed Air Corporation has entered into a definitive agreement to sell its Diversey Care division and the food hygiene and cleaning business within its Food Care division (together "New Diversey") to Bain Capital Private Equity, a leading global private investment firm, for approximately $3.2 billion.
New Diversey will be a hygiene and cleaning solutions company that integrates chemicals, floor care machines, tools and equipment, with a wide range of technology based value-added services, food safety services and water and energy management. New Diversey will continue to employ approximately 8,600 people globally. Diversey Care and the related food hygiene businesses combined generated net sales of approximately $2.6 billion in 2016.
"We are pleased that New Diversey has a strong partner to support future growth initiatives and drive further expansion. Diversey Care and its related hygiene business has built an impressive innovation pipeline that includes the Internet of Clean, robotics and AHP disinfection technologies, revamped its go-to-market strategy and significantly improved profitability," Jerome Peribere, president and chief executive officer, said.
"Diversey has a long track record of leadership in the hygiene and cleaning solutions market on a global basis," Ken Hanau, a managing director at Bain Capital Private Equity, said. "We are excited to partner with the talented team at Diversey to grow across key market verticals and geographies while investing in innovative hygiene solutions. Bain Capital's integrated global platform and strong growth orientation are well aligned with the strategic vision for Diversey."
The sale of New Diversey is expected to close in the second half of 2017, and is subject to certain regulatory approvals and customary closing conditions. The acquisition includes a formal offer to acquire certain parts of Diversey's business in France and the Netherlands, which may be accepted following Works Council consultation.
The results of operations of New Diversey will be reported as discontinued operations beginning in the first quarter of 2017. Sealed Air is tentatively scheduled to report its first quarter 2017 results on 9th May 2017.