Diversey has officially become a standalone company following the completion of its sale to Bain Capital Private Equity from Sealed Air Corporation.
The transaction was first announced on Monday 27 March 2017.
Diversey will include the Diversey Care division of Sealed Air as well as the food hygiene solution business that was part of its food dare division.
Dr Kadri, who was appointed CEO of Diversey upon completion of the sale, will be responsible for establishing Diversey as a standalone business that will encompass several businesses that Bain Capital Private Equity agreed to purchase from Sealed Air Corporation.
[quote]“As an independent business, we will have the ability to be smarter and more agile than ever before as we introduce enhanced technology and innovation,” said Dr. Kadri.
“As we work together with our formidable new ownership, our customers will be our singular focus.” [/quote]
Ken Hanau, a managing director at Bain Capital Private Equity said: “We are excited to invest in expanding Diversey’s long track record of leadership and innovation in the hygiene and cleaning solutions market to help its customers minimise their risks, be more efficient and more productive, and protect their brand integrity.”
Diversey serves customers in the hospitality, healthcare, food and beverage, food service, retail and facility management sectors.
Sealed Air expects to use the proceeds of the transaction to repay debt and maintain its net leverage ratio in the range of 3.5 to 4.0 times, repurchase shares to minimise earnings dilution, and fund core growth initiatives, including potential complementary acquisitions to its food care and product care divisions.