JohnsonDiversey to become Diversey under new investors
October 1st 2009

JohnsonDiversey and Clayton Dubilier & Rice (CD&R) have announced an agreement under which a CD&R-managed fund will invest $477 million for a 46% equity interest in JohnsonDiversey as part of a broader recapitalisation transaction valued at $2.6 billion.

The recapitalisation will provide the company with the financial flexibility to accelerate growth in the global commercial cleaning and hygiene market. In addition to the CD&R fund investment, the transaction contemplates a debt financing package of approximately $1.9 billion.

With annual sales of more than $3 billion into more than 175 countries, JohnsonDiversey is a leading global provider of commercial cleaning, sanitation and hygiene solutions.

Under the terms of the agreement, the Johnson Family of Racine,Wisconsin, will retain 50% ownership in the company, and S. Curtis Johnson will remain chairman. CD&R operating partner James G. Berges will serve as chairman of the executive committee.Unilever will also retain a 4% ownership interest in the company.

JohnsonDiversey will continue under separate agreements to sell and distribute into the commercial market certain Unilever and S.C. Johnson & Son consumer products.

JohnsonDiversey has been one-third owned by Unilever NV since its acquisition of DiverseyLever in 2002. As part of the acquisition, JohnsonDiversey agreed to purchase all or part of Unilever’s ownership at a future date.

The company will adopt a new corporate identity that reflects the strong global brand equity in the current name and also retains the depiction of a water lily in its logo (a reflection of the Johnson Family heritage of environmental leadership).

The company’s new name will be simplified to ‘Diversey Inc’ and the new tagline will be,‘fora cleaner, healthier future.’

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