“The team at Cavendish have done a fantastic job advising the Board of Zenith over the last 12 months. 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 announced offer and look forward to the next chapter for Zenith.”Ringo Francis, CEO Zenith Hygiene
Cavendish Corporate Finance has advised Zenith Hygiene Group PLC (“Zenith Hygiene”) a UK manufacturer of cleaning and hygiene chemicals and related products, on reaching agreement on the terms of a recommended final cash offer from Bain Capital Private Equity (“Bain”), a leading global private investment firm, through its investment in Diversey, a global supplier of hygiene and cleaning solutions.
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.
Completion is anticipated to take place during Q1 of 2018, subject to customary anti-trust clearance.
Michael Jewell, Partner at Cavendish Corporate Finance commented:
“We are delighted to have advised Zenith Hygiene on reaching agreement on the terms of the offer. We are confident we have found the right buyer to help Zenith Hygiene expand its customer centric ethos across the UK for which it has become renowned. At Cavendish, we are continuing to see strong interest in UK assets from both national and international purchasers.”