Diversey, the US cleaning services business backed by Bain Capital, has agreed a take-private of UK-based Zenith Hygiene Group.
Bain has received approval from Zenith’s board of directors and the vast majority of “A” and “C” class shareholders. The final consideration will depend on Ebitda thresholds being met but suggests an enterprise value of around £100m (€111.93m).
Based in Hertfordshire, Zenith offers cleaning services to a range of industries. It employs more than 500 people and reported turnover of £67m last year.
Bain completed its $3.2bn acquisition of Diversey from Sealed Air Corporation earlier this month. The Charlotte, North Carolina-headquartered company employs 8,600 people globally and had turnover of $2.6bn last year.