Zenith Hygiene Group plc, the UK manufacturer of cleaning and hygiene chemicals used often in the foodservice and hospitality industry has reached an agreement with Bain Capital Private Equity, one of the leading global private investment companies.
Bain Capital Equity, through its investment in the company Diversey has managed to reach an agreement on the terms of a recommended final cash offer for Zenith Hygiene. Zenith is a company that is based in Hertfordshire and offers a wide and high quality range of products that are sued by customers in healthcare, foodservice, hospitality, leisure and facilities management, pharmaceutical and food and beverage processing industries. The company employs more than 500 people, and through this acquisition will benefit from Diversey’s expansion plans.
Diversey are taking the opportunity to build on their local scale in the UK and Ireland with the acquisition of Zenith. However, the company is looking to use this local development as a basis for larger growth. By increasing their scale, it is hoped that Diversey, and Zenith will be able to serve a wider range of customers in key markets around their world.
Completion on this acquisition is subject to anti-trust clearance but expected to be completed during the first quarter of next year. As part of the acquisition, Bain Capital Private Equity is set to receive irrevocable undertakings that represent 91.01% of the A shares and 1005 of the C shares of Zenith Hygiene in issues from the close of business on the 6th of October 2017. This offer that has been made to Zenith’s directors appears to be reasonable and is intended to unanimously recommend that the Zenith Hygiene Shareholder accept the offer that has been made.
Diversey is a global supplier of hygiene and cleaning solutions that integrates chemicals, floor care machines, tools and equipment with a wide range of technological value added services, food safety services and water and energy management for their customers. The acquisition of the manufacturing company will help to expand Diversey’s reach as a part of their aims to be a world-class provider of cleaning and hygiene solutions.
