JohnsonDiversey and Clayton, Dubilier & Rice Announce Equity Investment and Company Recapitalization
$2.6 billion transaction supports accelerated growth in cleaning and hygiene industry; Company to change name to “Diversey” and adopt new corporate identity
RACINE, WISCONSIN/NEW YORK, October 7, 2009 – JohnsonDiversey, Inc. and Clayton Dubilier & Rice, Inc. (“CD&R”) today announced an agreement under which a CD&R-managed fund will invest $477 million for a 46 percent equity interest in the company as part of a broader recapitalization transaction valued at $2.6 billion. The recapitalization will provide the company with the financial flexibility to accelerate growth in the global commercial cleaning and hygiene market. In addition to the CD&R fund investment, the transaction contemplates a debt financing package of approximately $1.9 billion.
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