Solenis + Diversey:<br/>Stronger Together
Diversey Is Now Part of Solenis
Close 686C6711-FB74-47F4-AFEE-14D0F9C09B39

Bain Capital Private Equity Makes Offer for Zenith Hygiene Group Plc to Expand Diversey in Europe

October 9, 2017

FOR IMMEDIATE RELEASE

LONDON, October 9, 2017 – 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 $2.6 billion in 2016. 

Bain Capital has received irrevocable undertakings representing 91.01per 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.

“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,” said Michel Plantevin, a Managing Director of Bain Capital Private Equity.

“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,” said Ringo Francis, CEO of Zenith Hygiene Group plc. “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.”

“I am excited by the opportunity to build Diversey’s local scale in the UK and Ireland with the acquisition of Zenith Hygiene” said Dr. Ilham Kadri, President and Chief Executive Officer of Diversey. “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.”

Read the full Press Release Here
<div class="line">&nbsp;</div> <h2>About Solenis</h2> <p>Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, including consumer, industrial, institutional, food and beverage, and pool and spa water markets. Owned by Platinum Equity, the company&rsquo;s product portfolio includes a broad array of water treatment chemistries, process aids, functional additives, and cleaners and disinfectants, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, minimize environmental impact, and create cleaner and safer environments. Headquartered in Wilmington, Delaware, the company has 69 manufacturing facilities strategically located around the globe and employs a team of over 16,100 professionals in 130 countries across six continents. Solenis is a 2024 Best Managed Company Gold Standard honoree, recognized four years in a row.</p> <p>For additional information about Solenis, please visit <a href="/en/">www.solenis.com</a> or follow us on social media.</p>

FOR FURTHER INFORMATION

Global

Catherine (Katy) Abernathy

Vice President, Corporate Communications