Sealed Air Corp., Charlotte, N.C., entered into a definitive agreement to sell its Diversey Care division and the food hygiene and cleaning business within its food care division to Bain Capital Private Equity, Boston, Mass., 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. New Diversey will continue to employ approximately 8,600 people globally.
"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,” says Jerome Peribere, president and CEO of Sealed Air. “New Sealed Air, a leading provider of food, product and medical packaging solutions, will continue to focus on accelerating profitable growth and generating strong cash flow through end market opportunities and the global adoption of new products and solutions. Sealed Air’s advanced product portfolio is designed to reduce waste, conserve resources and provide product security and deliver unique and measurable value to customers and the planet.”
“Diversey has a long track record of leadership in the hygiene and cleaning solutions market on a global basis,” says 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 also includes a formal offer to acquire Diversey's business in France and the Netherlands.