Home >Bain Capital makes offer for Zenith Hygiene to expand Diversey
Bain Capital makes offer for Zenith Hygiene to expand Diversey
11 October 2017
Private investment firm Bain Capital Private Equity has announced that it has - through its investment in Diversey - reached agreement on the terms of a recommended final cash offer for Zenith Hygiene Group plc, a UK manufacturer of cleaning and hygiene chemicals and related products.
Based in Hertfordshire, Zenith Hygiene serves customers in the healthcare, food service, hospitality, leisure and facilities management, pharmaceutical, and food and beverage processing industries. The company employs more than 500 people and generated net sales of £67M in the fiscal year ending February 2017.
Bain Capital completed the acquisition of Diversey from Sealed Air in September 2017. The acquisition will be funded with cash from Diversey’s balance sheet. Completion is expected to take place during quarter one of 2018.
“We are committed to growing Diversey’s geographic reach and the addition of Zenith Hygiene would be a first valuable step towards creating a world-class provider of cleaning and hygiene solutions,” said Michel Plantevin, a managing director of Bain Capital Private Equity.
“We are excited to join Diversey and be part of a group benefiting from Bain Capital’s integrated global platform and bold growth plans for Diversey,” said Ringo Francis, CEO of Zenith Hygiene Group plc. “During the past 20 years, we have successfully grown the business by developing a comprehensive product offering in the UK and Ireland. We believe that all customers will benefit from the combination of both companies’ innovations and application expertise.”
“I am excited by the opportunity to build Diversey’s local scale in the UK and Ireland with the acquisition of Zenith Hygiene” said Dr. Ilham Kadri, president and CEO of Diversey. “This combination, with the backing of Bain Capital, would create significant scale and help us serve a broader base of customers in key markets around the world.”