Diversey Holdings, which provides cleaning and hygiene products to the institutional and food and beverage markets, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $750 million.
Diversey's suite of solutions combines patented chemicals, dosing and dispensing equipment, cleaning machines, services, and digital analysis. The company states that it is the leading global pure play provider to the cleaning and hygiene industry for the institutional and food and beverage markets, where it holds the first or second position in the key markets in which it operates.
The Northampton, United Kingdom-based company was founded in 1923 and booked $2.6 billion in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol DSEY. Diversey Holdings filed confidentially on November 12, 2020. Citi, Morgan Stanley, Barclays, J.P. Morgan, BofA Securities, Credit Suisse, Goldman Sachs, Jefferies, RBC Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
