In a deal backed by Bain Capital Private Equity, Diversey and Zenith Hygiene Group have announced the completion of the transaction to combine the two companies, creating the UK and Ireland's largest manufacturer and supplier of cleaning and hygiene products.
Following on from customary anti-trust clearance by the Competitions and Markets Authority on 19 March 2018, the combined group will create a £170m business with approximately 1,000 employees nationally.
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.
Francis, in conjunction with the Diversey leadership team led by Ilham Kadri and Bain Capital will now conduct a detailed review of the combined group focused 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.
Francis, said: "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."
Kadri, president and chief executive officer of Diversey, added: "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, commented: "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."
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.