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Diversey: As independent business we can be smarter and more agile

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By Joe Whitworth+

06-Sep-2017

©istock/Jaroslav74
©istock/Jaroslav74

Sealed Air has completed the sale of its Diversey Care division and the food hygiene and cleaning business to Bain Capital Private Equity for $3.2bn.

The Diversey Care division and the food hygiene and cleaning business will employ 8,600 people globally. The businesses combined generated net sales of $2.6bn in 2016.

Diversey integrates chemicals, floor care machines, tools and equipment with a range of food safety services and water and energy management.

Dr Ilham Kadri, appointed CEO of Diversey upon completion of the sale, said: “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.”

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 minimize 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.

Jerome Peribere, Sealed Air president and CEO, said it is well positioned for profitable growth and strong cash flow.

“We will use the proceeds of the sale to repay debt, maintain our net leverage ratio in the range of 3.5 to 4.0 times, repurchase shares and invest in our core business and targeted M&A activity.”

The firm bought Diversey for $4.3bn in 2011.

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