Zenith Hygiene Group plc / Bain Capital Private Equity
Cavendish Corporate Finance is delighted to announce the completion of the sale of Zenith Hygiene Group PLC (“Zenith Hygiene”) to Diversey, an investee company of Bain Capital Private Equity (“Bain”).
Cavendish advised Zenith Hygiene, a UK manufacturer of cleaning and hygiene chemicals and related products, on reaching agreement in October 2017 on the terms of a recommended final cash offer from Bain, a leading global private investment firm, through its investment in Diversey, a global supplier of hygiene and cleaning solutions.
The transaction, which values Zenith Hygiene at an enterprise value of up to £100 million, creates the UK and Ireland’s largest manufacturer and supplier of cleaning and hygiene products. Completion of the deal was subject to customary anti-trust clearance by the Competitions and Market Authority.
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. Zenith Hygiene 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.
“The team at Cavendish have done a fantastic job advising the Board of Zenith. They were confident that there would be strong overseas interest in the business and they managed that interest extremely professionally. We are delighted with the outcome and look forward to the next chapter for Zenith.”
Recent Deals for Business Services Sector
Debt Advisory | Private Equity
Castik Capital & Abry Partners
AdEPT Technology Group plc
Vivid Economics Ltd, Planetrics Ltd
McKinsey & Company