April 16, 2018
FOR IMMEDIATE RELEASE
LONDON, April 16, 2018 – Today Diversey and Zenith Hygiene Group plc announce the completion of the transaction by Bain Capital Private Equity which will combine the two companies, creating the UK and Ireland’s largest manufacturer and supplier of cleaning and hygiene products. Completion of the deal follows on from customary anti-trust clearance by the Competitions and Markets Authority on March 19, 2018.
The combined group (“Diversey” and “Zenith Hygiene Group”) will create a £170m market leader with approximately 1,000 employees nationally, poised for growth across the UK & Ireland.
The CEO and founder of Zenith Hygiene Group, Ringo Francis, will lead the combined group in the UK & Ireland reporting to Gaetano Redaelli, President of Europe for Diversey.
Ringo Francis, in conjunction with the Diversey leadership team led by Ilham Kadri and Bain Capital will conduct a detailed review of the combined group. The review will focus on strengthening market position, delivering a comprehensive product and service offering for customers and identifying new opportunities outside of the UK market which can benefit from the combined group’s expertise.
Based in Hertfordshire, Zenith Hygiene manufactures and distributes a wide, high-quality range of cleaning and hygiene products serving customers in the healthcare, food service, hospitality, leisure and facilities management, pharmaceutical and food and beverage processing industries. The company employs around 500 people across sixteen locations nationally, generating net sales of £67m in the fiscal year ending February 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 9,000 people and generated net sales of approximately $2.6 billion in 2016.
Ringo Francis, CEO of Zenith Hygiene Group Plcsaid: “This marks the start of an exciting new chapter, for the new group in the UK and Ireland. The combination of these two powerful brands will provide significant benefits for our customers and employees and opportunities for further expansion and growth in new sectors. I look forward to harnessing the strengths of both businesses to support our aspirations as supplier and employer of choice in the UK and Ireland.”
Dr. Ilham Kadri, President and Chief Executive Officer of Diversey said: “We are committed to becoming a customer-centric global leader in the cleaning and hygiene industry. Zenith Hygiene’s customer focus will enhance our vision in the UK & Ireland. Together we are stronger and I’m excited for how we unite to exceed our customers’ expectation.”
Michel Plantevin, a Managing Director of Bain Capital Private Equity said: “We have a long-term ambition to create the global leader in the cleaning and hygiene industry and the acquisition of Zenith Hygiene is one of the first steps in realising this plan. We are excited to follow the progress and development of the combined group.”
Notes to editors:
Bain Capital completed the acquisition of Diversey from Sealed Air in September 2017.
The acquisition of Zenith Hygiene Group by Bain Capital completed on April 16, 2018.
The acquisition of Zenith Hygiene has been funded with cash from Diversey’s balance sheet.
The transaction was previously announced on 9th October 2017.