Bain Capital Private Equity has announced that it has reached agreement on the terms of a cash offer for the UK cleaning and hygiene chemicals manufacturer Zenith Hygiene Group plc.
The move follows Bain Capital’s acquisition of Diversey from Sealed Air in September 2017, and is an effort to expand Diversey in Europe with the Hertfordshire-based Zenith. Zenith Hygiene’s directors consider the offer to be fair and reasonable, and intend to unanimously recommend that Zenith Hygiene Shareholders 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.
Michel Plantevin, a Managing Director of Bain Capital Private Equity, said: “We are committed to growing Diversey’s geographic reach and the addition of Zenith Hygiene would be a first valuable step towards creating a world-class provider of cleaning and hygiene solutions.”
Ringo Francis, CEO of Zenith Hygiene Group plc., said: “We are excited to join Diversey and be part of a group benefiting from Bain Capital’s integrated global platform and bold growth plans for Diversey. During the past 20 years, we have successfully grown the business by developing a comprehensive product offering in the UK and Ireland. We believe that all customers will benefit from the combination of both companies’ innovations and application expertise.”
Dr. Ilham Kadri, President and Chief Executive Officer of Diversey, said: “I am excited by the opportunity to build Diversey’s local scale in the UK and Ireland with the acquisition of Zenith Hygiene. This combination, with the backing of Bain Capital, would create significant scale and help us serve a broader base of customers in key markets around the world.”
