Bain Capital Private Equity, a leading global private investment firm, today announced it has, through its investment in Diversey, reached agreement on the terms of a recommended final cash offer for Zenith Hygiene Group plc, a UK manufacturer of cleaning and hygiene chemicals and related products.
Based in Hertfordshire, Zenith Hygiene offers a wide, high quality range of products serving customers in the healthcare, food service, hospitality, leisure and facilities management, pharmaceutical, and food and beverage processing industries. The company employs more than 500 people and generated net sales of £67m in the fiscal year ending February 2017.
Bain Capital completed the acquisition of Diversey from Sealed Air in September 2017. Diversey is a global supplier of hygiene and cleaning solutions 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.
Globally, Diversey employs approximately 8,600 people and generated net sales of approximately $2.6bn in 2016.
Bain Capital has received irrevocable undertakings representing 91.01 per cent of A shares and 100 per cent of the C shares of Zenith Hygiene in issue as of the close of business on 6 October 2017. Zenith Hygiene’s directors, consider the offer to be fair and reasonable and intend to unanimously recommend that Zenith Hygiene Shareholder accept it. The acquisition will be funded with cash from Diversey’s balance sheet.
Completion is anticipated to take place during Q1 of 2018, subject to customary anti-trust clearance.