Sealed Air Corporation will sell its Diversey Care division and the food hygiene and cleaning business within its food care division (New Diversey) to Bain Capital Private Equity for approximately $3.2 billion.
New Diversey will be a leading 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, according to Bain Capital.
Diversey Care and the related food hygiene businesses combined generated net sales of about $2.6 billion in 2016. The firm will continue to employ approximately 8,600 people globally, according to press statements.
“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,” said Jerome A. Peribere, president and CEO.
“Diversey has a long track record of leadership in the hygiene and cleaning solutions market on a global basis,” said Ken Hanau, a managing director at Bain Capital Private Equity. “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. The acquisition includes a formal offer to acquire certain of Diversey’s businesses in France and the Netherlands, which may be accepted following Works Council consultation. The results of operations of New Diversey were to be reported as discontinued operations beginning in the first quarter of 2017.