Bain Capital’s $3.2 Billion Acquisition of Sealed Air Corporation’s Diversey Care division

Citi is acting as financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to Sealed Air. Barclays and RBC Capital Markets LLC are serving as financial advisors and Kirkland & Ellis LLP and Creel, García-Cuellar, Aiza y Enríquez are serving as legal counsel to Bain Capital Private Equity. Credit Suisse and Goldman Sachs together with Barclays, BofA Merrill Lynch, HSBC, RBC Capital Markets, and SunTrust Robinson Humphrey are providing committed financing for the transaction.

Sealed Air Corporation (NYSE:SEE) has entered into a definitive agreement to sell its Diversey Care division and the food hygiene and cleaning business within its Food Care division (together “New Diversey”) to Bain Capital Private Equity, a leading global private investment firm, for approximately $3.2 billion.

New Diversey will be a leading hygiene and cleaning solutions company 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. New Diversey will continue to employ approximately 8,600 people globally. Diversey Care and the related food hygiene businesses combined generated net sales of approximately $2.6 billion in 2016.

Sealed Air Corporation creates a world that feels, tastes and works better. In 2016, the Company generated revenue of approximately $6.8 billion by helping our customers achieve their sustainability goals in the face of today’s biggest social and environmental challenges. Our portfolio of widely recognized brands, including Cryovac® brand food packaging solutions, Bubble Wrap® brand cushioning and Diversey® cleaning and hygiene solutions, enables a safer and less wasteful food supply chain, protects valuable goods shipped around the world, and improves health through clean environments. Sealed Air has approximately 23,000 employees who serve customers in 171 countries.

Kirkland & Ellis LLP has advised Bain Capital Private Equity with Neal Reenan (Picture), Ian Bushner, Chris Torrente, Adele Maloney Thomas, Ian Kirwan, Michelle Kilkenney, Katie Bolanowski, Gregory Gallagher, Mike Carew, Jeffery Norman y Vladimir Khodosh, Ryan Jackson, Peter Anderson, Susan Tanaka, Matt O’Hare, Kwangwoo Kim, Andy Fleischman, Aaron Berlin, Miles Johnson, Ryan Farrell, Shatra Bell and Kevin Jacobsen.

In Mexico, Creel, García-Cuellar, Aiza y Enríquez has advised Bain Capital Private Equity with Eduardo González, Luis Gerardo García, Mauricio Serralde and Edgar Ancona.

Skadden, Arps, Slate, Meagher & Flom has advised Sealed Air Corporation with Robert Pincus, Diana Lopo, Allison Land, Gavin White, Bruce Goldner, Kenneth Schwartz, Regina Olshan, David Schwartz, Steven Messina, Andrew Carriker, Vincent Cannizzaro, Joseph Soltis and Audrey Murga.

 

Involved fees earner: Eduardo González – Creel, García-Cuéllar, Aiza y Enriquez SC; Luis Gerardo García Santos Coy – Creel, García-Cuéllar, Aiza y Enriquez SC; Edgar Ancona – Creel, García-Cuéllar, Aiza y Enriquez SC; Mauricio Serralde – Creel, García-Cuéllar, Aiza y Enriquez SC; Neal Reenan – Kirkland & Ellis; Ian Bushner – Kirkland & Ellis; Christopher Torrente – Kirkland & Ellis; Adele Maloney Thomas – Kirkland & Ellis; Ian Kirwan – Kirkland & Ellis; Ryan Jackson – Kirkland & Ellis; Peter Anderson – Kirkland & Ellis; Susan Tanaka – Kirkland & Ellis; Matthew O’Hare – Kirkland & Ellis; Kwangwoo Kim – Kirkland & Ellis; Andy Fleischman – Kirkland & Ellis; Aaron Berlin – Kirkland & Ellis; Michelle Kilkenney – Kirkland & Ellis; Katie Bolanowski – Kirkland & Ellis; Gregory Gallagher – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Miles Johnson – Kirkland & Ellis; Jeffery Norman – Kirkland & Ellis; Ryan Farrell – Kirkland & Ellis; Shatra Bell – Kirkland & Ellis; Kevin Jacobsen – Kirkland & Ellis; Vladimir Khodosh – Kirkland & Ellis; Robert Pincus – Skadden Arps Slate Meager & Flom; Allison Land – Skadden Arps Slate Meager & Flom; Andrew Carriker – Skadden Arps Slate Meager & Flom; Vincent Cannizzaro III – Skadden Arps Slate Meager & Flom; Diana Lopo – Skadden Arps Slate Meager & Flom; Gavin White – Skadden Arps Slate Meager & Flom; Joseph Soltis – Skadden Arps Slate Meager & Flom; Bruce Goldner – Skadden Arps Slate Meager & Flom; Kenneth Schwartz – Skadden Arps Slate Meager & Flom; Regina Olshan – Skadden Arps Slate Meager & Flom; David Schwartz – Skadden Arps Slate Meager & Flom; Audrey Murga – Skadden Arps Slate Meager & Flom; Steven Messina – Skadden Arps Slate Meager & Flom;

Law Firms: Creel, García-Cuéllar, Aiza y Enriquez SC; Kirkland & Ellis; Skadden Arps Slate Meager & Flom;

Clients: Bain Capital; Sealed Air Corporation;

 

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Author: Ambrogio Visconti