CHARLOTTE, N.C. — Sealed Air Corporation has entered into a definitive agreement to sell its Diversey Care division and the food hygiene and cleaning business within its Food Care division (together “New Diversey”) to Bain Capital Private Equity — a leading global private investment firm — 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,” says said Jerome A. Peribere, president and CEO. “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,”

Upon closing, Sealed Air expects to use the proceeds to repay debt and maintain its net leverage ratio in the range of 3.5 to four times, repurchase shares to minimize earnings dilution and fund core growth initiatives, including potential complementary acquisitions to its Food Care and Product Care divisions.

“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.”

Sealed Air’s Board of Directors has authorized an increase of the share repurchase program by an additional $1.5 billion of Sealed Air common stock. With this increase, the total authorization for future repurchases under the program is approximately $2.2 billion. The board has also determined that Sealed Air will maintain its quarterly cash dividend of $0.16 per common share while the company reduces earnings dilution.

The sale of New Diversey is expected to close in the second half of 2017, and is subject to certain regulatory approvals and customary closing conditions.

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