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Table of Contents

As filed with the Securities and Exchange Commission on November 8, 2021.

No. 333-      

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Diversey Holdings, Ltd.

(Exact name of registrant as specified in its charter)

Cayman Islands

2842

Not applicable

(State or other jurisdiction of
incorporation or organization)

(Primary Standard Industrial
Classification Code Number)

(I.R.S. Employer
Identification No.)

1300 Altura Road, Suite 125

Fort Mill, South Carolina 29708

Telephone: (803)746-2200

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Philip Wieland

Chief Executive Officer

1300 Altura Road, Suite 125

Fort Mill, South Carolina 29708

Telephone: (803) 746-2200

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies of all communications, including communications sent to agent for service, should be sent to:

Bradley C. Reed, P.C.
Alexander M. Schwartz
Kirkland & Ellis LLP
300 North LaSalle
Chicago, IL 60654
(312) 862-2000

Thomas Holden
Rachel D. Phillips
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
(212) 596-9000

Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: 

If this Form is filed to registered additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. 

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. 

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated Filer

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. 

CALCULATION OF REGISTRATION FEE

Title of Each Class of
Securities to be Registered

Proposed Maximum
Offering Price
Per Share(1)(2)

Amount to be
Registered(1)

Proposed
Maximum Aggregate
Offering Price(1)(2)

Amount of
Registration Fee

Ordinary shares, par value $0.0001 per share

$16.87

17,250,000

$291,007,500

$26,976.40

(1)

Includes the aggregate offering price of shares of ordinary shares subject to the underwriters’ option to purchase additional shares.

(2)

Estimated solely for purposes of computing the amount of the registration fee pursuant to Rule 457(a) under the Securities act of 1933, as amended. In accordance with Rule 457(c) under the Securities Act of 1933, as amended, the price shown is the average high and low sales price of the registrant’s ordinary shares on November 4, 2021, as reported by the NASDAQ Global Select Market.

The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer and sale is not permitted.

Table of Contents

Subject to Completion. Dated November 8, 2021.

15,000,000 Ordinary Shares

A picture containing icon  Description automatically generated

Diversey Holdings, Ltd.

We are selling 15,000,000 of our ordinary shares.

Our ordinary shares are listed on the NASDAQ Global Select Market under the symbol “DSEY.” On November 5, 2021, the last reported sales price of our ordinary shares on the NASDAQ Global Select Market was $16.99 per share. The final public offering price will be determined through negotiations with the lead underwriters in this offering and the recent market price used throughout this prospectus may not be indicative of the actual offering price.

See “Risk Factors” beginning on page 20 to read about factors you should consider before buying our ordinary shares.

Immediately after this offering, investment funds advised by Bain Capital Private Equity, L.P. will own approximately 74.5% of our outstanding ordinary shares (or approximately 73.9% of our outstanding ordinary shares if the underwriters’ option to purchase additional shares from us is exercised in full). As a result, we expect to remain a “controlled company” within the meaning of the corporate governance standards of NASDAQ Global Select Market. See “Management — Corporate Governance — Controlled Company Status.”

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

    

Per Share

    

Total

Public offering price

$

$

Underwriting discount(1)

$

$

Proceeds, before expenses, to us

$

$

(1)See “Underwriting” for a description of compensation payable to the underwriters.

To the extent that the underwriters sell more than 15,000,000 ordinary shares, the underwriters have the option to purchase up to an additional 2,250,000 ordinary shares at the public offering price less the underwriting discount.

The underwriters expect to deliver the ordinary shares to purchasers on        , 2021.

Citigroup

Morgan Stanley

Prospectus dated         , 2021

Table of Contents

TABLE OF CONTENTS

PROSPECTUS SUMMARY

    

1

RISK FACTORS

20

FORWARD-LOOKING STATEMENTS

41

MARKET AND INDUSTRY DATA

43

USE OF PROCEEDS

43

DIVIDEND POLICY

43

CAPITALIZATION

43

DILUTION

44

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

46

BUSINESS

86

MANAGEMENT

103

EXECUTIVE COMPENSATION

109

PRINCIPAL SHAREHOLDERS

129

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

131

DESCRIPTION OF CERTAIN INDEBTEDNESS

133

DESCRIPTION OF SHARE CAPITAL

137

SHARES ELIGIBLE FOR FUTURE SALE

147

CERTAIN MATERIAL TAX CONSIDERATIONS

149

UNDERWRITING

158

LEGAL MATTERS

165

EXPERTS

165

WHERE YOU CAN FIND MORE INFORMATION

165

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

F-1

i

Table of Contents

Neither we nor any of the underwriters have authorized anyone to provide any information or make any representations other than those contained in this prospectus or in any free writing prospectus filed with the Securities and Exchange Commission (the “SEC”). Neither we nor any of the underwriters take any responsibility for, and can provide no assurance as to the reliability of any other information that others may give you. We are offering to sell, and seeking offers to buy, ordinary shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ordinary shares. Our business, financial condition, results of operations, and prospects may have changed since such date.

For investors outside of the United States, neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about, and to observe any restrictions relating to, this offering and the distribution of this prospectus outside of the United States.

No offer or invitation to subscribe for any securities may be made to the public in the Cayman Islands.

We are not licensed to conduct investment business in the Cayman Islands by the Cayman Islands Monetary Authority and this prospectus does not constitute an offer to members of the public of our ordinary shares, whether by way of sale or subscription, in the Cayman Islands. Our ordinary shares have not been offered or sold, will not be offered or sold and no invitation to subscribe for our ordinary shares will be made, directly or indirectly, to members of the public in the Cayman Islands.

Trademarks and Service Marks

This prospectus includes our trademarks and service marks which are protected under applicable intellectual property laws and are the property of Diversey Holdings, Ltd. or its subsidiaries. This prospectus also contains trademarks, service marks, trade names and copyrights, of other companies, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

Basis of Presentation

On September 6, 2017, Diamond (BC) B.V. (“Diamond”), our subsidiary and a private limited liability company incorporated under the laws of the Netherlands, acquired the Diversey Care division and the food hygiene and cleaning business of Sealed Air Corporation (the “Predecessor Diversey Business” or “Predecessor”), including certain assets and all of the capital stock of certain entities engaged in such businesses (the “2017 Acquisition”), pursuant to a purchase agreement entered into on March 25, 2017 between Sealed Air Corporation and Diamond. The purchase price for the 2017 Acquisition was funded by (i) an indirect equity contribution of $850.0 million into Diamond by certain investment funds advised by Bain Capital Private Equity, L.P. (“Bain Capital”) (ii) proceeds from borrowings under senior secured credit facilities, including a $900.0 million term loan facility and a €970.0 million term loan facility (together, the “Original Term Loan Facility”) and a $250.0 million revolving credit facility (as amended, the “Original Revolving Credit Facility,” and together with the Original Term Loan Facility, the “Initial Senior Secured Credit Facilities”) and (iii) proceeds from the issuance of €450.0 million aggregate principal amount of 5.625% senior notes due 2025 (the “2017 Senior Notes”). In connection with our initial public offering described below, we entered into an amendment to our Initial Senior Secured Credit Facilities, which provided for (i) an incremental $200 million of revolving loan commitments under the Original Revolving Credit Facility and (ii) an extension of the Revolving Credit Facility maturity date. In addition, Diamond completed the private sale of $500 million in aggregate principal amount of 4.625% Senior Notes due 2029 (the “2021 Senior Notes”) in a private placement to qualified institutional buyers under an indenture dated as of September 29, 2021. On September 29, 2021, we also entered into an amendment of our Initial Senior Secured Credit Facilities. The amendment provided for the repayment of the 2017 U.S. Dollar Term Loan in the amount of $868.5 million and the Euro Term Loan in the amount of $535.7 million. The amendment also provided for a new $1,500.0 million senior secured U.S. dollar denominated term loan (the “2021 U.S. Dollar Term Loan” and, together with the Revolving Credit Facility, the “New Senior Secured Credit Facilities”). The 2021 U.S. Dollar Term Loan matures on September 29, 2028, while the Revolving Credit Facility matures on March 28, 2026. The Initial Senior Secured Credit Facilities, the 2017 Senior Notes and the 2021 Senior Notes are more fully described in “Description of Certain Indebtedness.”

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Diversey Holdings, Ltd. (the “issuer,” the “Company,” “we,” “us,” or “our”) was formed on November 3, 2020 for the purpose of completing our initial public offering and related transactions in order to carry on the business of Constellation (BC) 2 S.à.r.l. (“Constellation”) and its subsidiaries. On March 29, 2021, the issuer completed its initial public offering (the “IPO”) of 46,153,846 ordinary shares at a public offering price of $15.00 per share, receiving $654.3 million in net proceeds, after deducting the underwriting discount and offering expenses. On April 9, 2021, the issuer issued and sold an additional 5,000,000 ordinary shares pursuant to the underwriters’ partial exercise of their option to purchase additional shares, receiving $71.4 million in net proceeds, after deducting the underwriting discount and offering expenses. Our ordinary shares trade on The NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “DSEY.”

Prior to consummating the IPO, we effected a series of transactions (the “Reorganization Transactions”) pursuant to which:

(i)   Constellation (BC) PoolCo SCA (“Poolco”), an entity incorporated for the purpose of pooling the interests of our employees, directors and officers in Constellation (BC) S.à r.l (“Topco”), a direct subsidiary of Constellation, repurchased shares from certain equity holders in exchange for a note receivable;

(ii)   all other equity holders of Poolco contributed their shares of Poolco to Constellation in exchange for new shares of Constellation; and

(iii)   the equity holders of Constellation, including Bain Capital and the individuals referred to in the foregoing clause (ii), contributed a portion of their shares of Constellation to the Company, and the equity holders referred to in the foregoing clause (i) contributed a portion of their note receivable to the Company, in each case, in exchange for ordinary shares of the Company (in which the Company withheld a portion of the ordinary shares otherwise issuable solely to the extent necessary to satisfy (y) any outstanding loans owned by such employee equity holders and (z) any estimated tax consequences resulting to the equity holders from the Reorganization Transactions and the equity holders of Constellation, including Bain Capital and the individuals referred to in the foregoing clause (ii), contributed the remaining portion of their shares of Constellation to one of our subsidiaries, and the equity holders referred to in the foregoing clause (i) contributed the remaining portion of their note receivable to one of our subsidiaries, in each case, in exchange for payments to be made under the Tax Receivable Agreement entered into in connection with the IPO and certain other consideration.

The Reorganization Transactions resulted in the Company becoming the ultimate parent company of Constellation and its subsidiaries, and Bain Capital and all other equity holders of Constellation and Poolco becoming shareholders of the Company. In order to simplify our corporate structure, we expect to merge or liquidate certain of our wholly-owned subsidiaries, including Constellation, Poolco and Topco prior to December 31, 2021.

The Reorganization Transactions were considered transactions between entities under common control. As a result, the financial statements for periods prior to the IPO and the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes.

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PROSPECTUS SUMMARY

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in our ordinary shares. For a more complete understanding of us and this offering, you should read and carefully consider the entire prospectus, including the more detailed information set forth under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes. Some of the statements in this prospectus are forward-looking statements. See “Forward-Looking Statements.”

Our Business

Our Mission. Diversey’s mission is to protect and care for people through leading hygiene, infection prevention and cleaning solutions. We develop and deliver innovative, mission-critical products, services and technologies that save lives and protect our environment.

Our Foundation. Over the course of 95 years, the Diversey brand has become synonymous with product quality, service and innovation. Our fully-integrated suite of solutions combines patented chemicals, dosing and dispensing equipment, cleaning machines, services and digital analysis and as of December 31, 2020, serves more than 85,000 customers in over 80 countries via our vast network of more than 1,400 technicians and approximately 8,600 employees globally. We are the leading global pure play provider to the approximately $32 billion cleaning and hygiene industry for the Institutional and Food & Beverage markets, where we hold the first or second position in the key markets in which we operate. We are also one of only two large global players able to serve global strategic accounts (“GSAs”). We consider our scale to be a distinct competitive advantage given the fragmentation of our industry, and our customer relationships are deep and longstanding, resulting in highly recurring revenue streams.

Our Value Proposition. We are a trusted partner to our customers in the delivery of hygiene, infection prevention, and cleaning solutions that provide peace of mind and help our customers maintain their brand integrity and grow their businesses. Through our end-to-end, repeatable services, we focus on achieving the following outcomes for our customers:

Improved hygiene, infection prevention and cleaning results
Improved operational efficiency and environmental sustainability
Reduced costs
High consistency and high standards across customer locations and geographies

Our unique customer engagement model drives a virtuous circle of customer acquisition, service expansion, and long-term retention that enables our history of strong growth and resiliency. Through our customer engagement model we strive to:

Understand Customer Needs and Goals. We partner with customers to determine what matters most to them, with a focus on outcomes rather than specific products.
Design Custom Solutions. We then design custom solutions, leveraging our more than 1,400 patents and patent applications from our library of more than 2,000 unique chemical formulations as of December 31, 2020, as well as our extensive and differentiated suite of dosing and dispensing equipment and floor care machines.
Integrate Solutions with Customer Workflows. We train our customers’ end users on how to operate the products and equipment that make up our customized solutions, with a specific focus on health and safety considerations, sustainability, and service requirements.
Optimize Performance. After implementation, we remain engaged with our customers on a regular basis and leverage our digital monitoring capabilities to ensure their equipment is operating properly, the workforce is fully trained, and solutions are optimized.

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Expand the Value Proposition. As we continue to engage with our customers, we continually review our performance, compare ourself against benchmarks, and work to identify ways to expand or enhance our services through new products and innovation, creating ‘win-win’ solutions for us and our customers.

Our Customer Engagement Model

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We are uniquely positioned to deliver our value proposition due to the following attributes of our business model:

We are one of only two large, global players that offer a full suite of hygiene, infection prevention and cleaning solutions. Our full suite of products and services provide end-to-end solutions across the entire spectrum of our customers’ facilities to meet all hygiene, infection prevention and cleaning needs.
We utilize a flexible go-to-market strategy to meet the needs of our diverse customer base. We utilize our direct-selling capabilities and high-touch service offerings to meet the unique needs of GSAs and other large customers that require complex end-to-end solutions. For smaller, regional customers that require less customized solutions, we leverage a multi-channel distribution network that efficiently serves this customer segment.
Our robust R&D and engineering capabilities drive continuous innovation, ensuring that our product, service, and technology portfolio remains cutting edge for our customers.

The strength of our value proposition is evidenced by our deep customer relationships with a total revenue retention rate of over 98% (excluding growth with new and existing customers), and 99% retention rate for our top 100 customers, in 2020.

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The graphic on the next page provides an example of how our comprehensive suite of cleaning, hygiene, and infection prevention solutions serve all facets of our customers’ infrastructure and operations.

Customer Value Proposition Case Study:

Comprehensive Suite of Innovative Solutions Throughout the Hospital

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Our Resilient Business Model. Due to the non-discretionary nature of our solutions, our business has a proven ability to withstand, and thrive in, challenging market conditions. Our top-line performance was strong during both the 2008 — 2010 Global Financial Crisis and the 2020 COVID-19 pandemic. Our revenues declined only 0.3% from 2008 to 2010, while revenues for the S&P 500 were down 3.8% over the same period. During the ongoing COVID-19 pandemic, from 2019 to 2020, we experienced a year-over-year constant currency organic revenue gain of 1.8% as compared with the S&P 500, which declined 3.2% over the same period. We believe the stability of our revenue is a result of several key aspects of our business model:

Essential and Mission-Critical Solutions. Our products and services are essential to our customers’ abilities to meet health and safety regulations across their operative locations, regardless of end consumer demand for our customers’ products and services.
Small Customer Spend Relative to Total Cost of System. While critical to our customers’ abilities to maintain hygienic standards and cleanliness, our products represent only a small portion of their total spend on cleaning costs.
Highly-Consumable Product and Service Offerings. Our products are consumable and require ongoing replenishment, service and monitoring, which drives highly recurring revenue streams.
Customer, Product, and Geographic Diversification. We serve our customers across approximately 300,000 global sites, as of the year ended December 31, 2020, with no individual product or service representing more than 2.5% of net sales for the year. We are further diversified across stable end-markets, including, among others, healthcare, food service, retail and grocery, processed food, dairy, brewing and beverages, with no individual end-market accounting for more than 14% of net sales for the year ended December 31, 2020.

Our Transformation. Since becoming an independent company after the 2017 Sealed Air carve-out transaction, we have undergone a significant transformation. We have made numerous strategic investments that we believe position us well to achieve sustainable long-term growth and profitability:

New Talent & Organizational Structure. Strengthened our organization with new senior leadership including a new Chief Executive Officer, Chief Financial Officer, Chief Strategy Officer, Chief Information Officer, Chief Revenue Officer, Chief Human Resources Officer, Head of Europe, and Head of North Asia, among others, to lead our company with operational expertise and to instill a competitive and winning culture.

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Strategic and Commercial Focus. Established strategic focus and a results-driven execution ethos aimed at achieving our core growth initiatives and driving innovation across the organization.
Operational Excellence, Systems, and Technology. Instilled culture of continuous improvement and efficiency gains, invested approximately $50 million in corporate systems and technology to provide better visibility, control, and technology across all facets of our business, and increased sophistication of procurement and supply chain capabilities.
M&A. Executed six strategic acquisitions since 2017 to help us strengthen our position in key markets, including enhancements to our Infection Prevention business.

This transformation has resulted in a significant change in our growth profile and profitability. On a constant dollar organic basis, our revenues increased at an average growth rate of 2.9% in the years 2018 through 2020, and at an average growth rate of 3.4% in the years 2018 and 2019. For the year ended December 31, 2018, we generated a net loss of $239 million and Adjusted EBITDA of $322 million at a 12.0% margin, compared to a net loss of $39 million and Adjusted EBITDA of $401 million at a 15.3% margin for the year ended December 31, 2020, which implies an 11.7% EBITDA compound annual growth rate. For a definition of Adjusted EBITDA and a reconciliation of net income (loss) to Adjusted EBITDA, see “Prospectus Summary — Summary Condensed Consolidated and Combined Financial Data.”

Our Growth. Our business transformation has resulted in rapid and multifaceted EBITDA growth. Key components of our historical growth include:

End Market Growth. Our Institutional and Food & Beverage markets have historically grown at an approximately 3% compound annual growth rate.
Increased Focus on Hygiene and Infection Prevention. The COVID-19 pandemic has accelerated already-increasing cleaning and hygiene standards for our customers.
Increased Market Penetration. Given our industry-leading portfolio and supply chain, we have experienced significant gains in the infection prevention market, and we are well-positioned to continue capitalizing on the increased demand for hygiene and infection prevention solutions.
Efficiency Improvements. Efficiency gains, cash discipline, supply chain and procurement have driven continued margin improvements.
M&A. Enhanced sourcing and integration capabilities have enabled us to complete 6 strategic acquisitions since 2017.

Our Financial Attributes. We believe that our business model results in an attractive financial profile highlighted by our history of stable and growing revenues, high gross profit margin, expanding Adjusted EBITDA margins and strong unlevered cash flow generation. In the year ended December 31, 2020, we generated a gross profit margin of approximately 40%, which together with our ongoing margin improvement initiatives resulted in our Adjusted EBITDA margin expanding from 12.0% in the year ended December 31, 2018 to 15.3% in the year ended December 31, 2020. Our total indebtedness was $2,700.3 million as of December 31, 2020. Our customer-centric, asset-light approach focuses on customer service and engagement, rather than on asset intensity. This supports our high unlevered cash flow generation, which allows us to both reinvest in the business and capitalize on opportunities for inorganic growth. For the year ended December 31, 2020, our Unlevered Cash Flow Conversion was approximately 73%. For a reconciliation of unlevered cash flow to its most directly comparable GAAP metric, see “Prospectus Summary — Summary Condensed Consolidated and Combined Financial Data.”

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Our Business Segments

We report our results of operations in two segments: Institutional and Food & Beverage. The following charts show net sales by segment and geography for the year ended December 31, 2020.

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Institutional Segment

We hold leading market positions in our regional core markets and believe we held the number one or number two market position in North America, Europe, the Middle East and Africa, Latin America and Asia-Pacific based on net sales for 2020. Our Institutional segment generated $2.0 billion in Revenue and $341 million in Adjusted EBITDA, which implies 17.1% margins for the year ended December 31, 2020.

Our high performance Institutional solutions are designed to enhance cleanliness, safety, environmental sustainability, and efficiency for our customers. We offer a broad range of products, services, solutions, equipment and machines including infection prevention and personal care products, floor and building care chemicals, kitchen and mechanical warewash chemicals and machines, dosing and dispensing equipment, and floor care machines. A selection of such products, equipment and machines is illustrated in the chart below. We also offer a range of engineering, consulting and training services related to productivity management, water and energy management, and risk management, supported by data provided through our digital solutions. We deliver these solutions to customers in the Healthcare, Education, Food Service, Retail & Grocery, Hospitality, and Building Service Contractors industries.

Our Institutional segment’s revenue base is recurring and stable due to the ‘sticky’ nature of our business model. Not only are our cleaning products consumable in nature and require periodic replacement, generating highly recurring revenue, but the optimal application of our chemicals is also controlled by our proprietary dosing and dispensing equipment installed at customer sites, which increases customer switching costs and generates operating efficiencies for our customers. In addition, we continue to see encouraging momentum in new customer wins in the Institutional segment.

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The following charts set forth the percentage of net sales for our Institutional segment by region and end market for the year ended December 31, 2020.

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Food & Beverage (F&B) Segment

We believe we held the number one or number two market position in Europe, the Middle East and Africa, Latin America and Asia-Pacific based on net sales for 2020. Our Food & Beverage segment generated $634 million in Net Sales and $114 million in Adjusted EBITDA, which implies 18.1% Adjusted EBITDA margins for the year ended December 31, 2020.

Our Food & Beverage products are designed to maximize the hygiene, safety, and efficiency of our customers’ production and cleaning processes while minimizing their impact on the natural resources they consume. We offer a broad range of products, solutions, equipment and machines including chemical products, engineering and equipment solutions, knowledge-based services, training through our Diversey Hygiene Academy, and water treatment. A selection of such products, solutions and services is illustrated in the chart below. We deliver these solutions to enhance food safety, operational excellence, and sustainability for customers in the Brewing, Beverage, Dairy, Processed Foods, Pharma, and Agriculture industries.

Our Food & Beverage segment’s revenue base is also recurring and stable. Our Cleaning-In-Place (“CIP”) and Open Plant Systems integrate our chemicals, lubricants, floor care equipment, and cleaning and dispensing tools, while our highly skilled technical application experts help customers achieve production efficiencies through customized solutions that utilize our products. The highly integrated and customized nature of the resulting solutions drive operational efficiencies as well as high switching costs for our customers, leading to very high customer retention. The recent addition of water treatment solutions to our Food & Beverage segment also fulfills a longstanding customer need for a bundled solution and offers future opportunities for cross-selling.

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The following charts set forth the percentage of net sales for our Food & Beverage segment by region and end market for the year ended December 31, 2020.

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Our Sustainability Strategy

Since our founding, sustainability has been core to everything we do. Our “Facilitators for Life” strategy is inherent to our business model and aims to innovate sustainable solutions for customers, protect and care for people, and improve the environment, resulting in a virtuous cycle of benefits for Diversey and all our stakeholders. By creating innovative, “win-win-win” solutions that benefit our customers, our employees, and the environment, we deliver more value to customers and are better positioned to grow. In recognition of our longstanding commitment to sustainability excellence, we received a Silver Sustainability Rating from Ecovadis in 2020, given to companies in the top 20% of Ecovadis’ rankings.

Sustainability is core to the value proposition we provide our customers. We partner with our customers to design solutions that enable them to meet their effectiveness, efficiency, and sustainability goals. Given how engrained our products and services are in our customers’ operations, we are in a position to help them improve their performance in almost all key environmental areas, including reducing water, transportation, energy, greenhouse gas, packaging, waste, and chemical usage, as well as helping them extend equipment and product life and improve chemical and employee safety.

An example of how we accomplish this is when we work with customers to optimize and standardize the amount of chemicals they use in their cleaning operations. Customers often struggle with optimal chemical-to-water ratios, or they lack the means to ensure dosing standards are precisely followed across their facilities. At the user level, this often leads to “over” or “under-dosing” and ultimately an inability to optimally clean, disinfect, or sanitize. Our innovative, end-to-end solutions ensure that the proper chemicals are used, the proper amount of water is used, and that the optimal dosing equipment and training are in place to suit our customers’ needs. This reduces resource usage, saves money, and helps us strengthen the value we can provide.

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Select examples of our customer impact include:

We contractually committed to 20% savings on cleaning chemicals for a large contract caterer after evaluating the inefficiencies of their legacy program.
We helped a large multinational retailer introduce concentrated cleaning products and increased logistics efficiency and labor savings that resulted in packaging and product waste reduction of 850 tons, reduced greenhouse gas emissions by 3 million kg CO2eq, and generated $20+ million of annual savings.
We helped a leading facilities management customer reduce its water footprint across all countries and client sites through designing and implementing customized solutions that have resulted in a reduction in water footprint of 68.5 million liters, reduced electricity usage by 3.6 million kWh, and reduced greenhouse gas emissions by 2.7 million kg CO2eq.

Our comprehensive approach to sustainability is also reflected in our commitment to our own employees. We have set internal goals to eliminate recordable workplace injuries, train 100% of our employees on our Code of Conduct, and strengthen our community relations in the locations in which we operate. Protecting and caring for our people also means investing in their future. We believe in providing our employees with resources to help them develop leadership capabilities and advance their careers. We seek to maintain a company culture that fosters a true sense of purpose among our people that we believe will drive long-term success.

Finally, we lead by example by improving the environmental impact of our own operations. We have identified ambitious operational goals to continue to reduce and improve the impact we have on our planet by 2025. Key goals include, but are not limited to, a 10% reduction in energy intensity, greenhouse gas emission intensity, and waste to landfill, a 5% reduction in water use intensity, reducing our packaging footprint, and achieving 100% compliance with our Responsible Chemistry Policy.

As we look to the future, we believe sustainability will continue to grow in importance for our customers. We are investing heavily and are well positioned to support our customers’ growing needs in this area, and as we do so, we will have the opportunity to further embed ourselves in their operations and grow with them.

Our Market Opportunity

We believe that our customers, irrespective of their geography, size, or end market, understand the health, financial, and reputational risks associated with inadequate cleanliness and hygiene and, therefore, place significant value on our solutions. As such, we believe the large, global and diverse nature of the markets we serve provide attractive opportunities for profitable growth. We view our opportunity in terms of a Serviceable Addressable Market (“SAM”), which we believe we address today, and a Total Addressable Market (“TAM”), consisting of attractive adjacent market opportunities we are continuing to pursue that are in excess of our SAM.

Based on market research data, as well as our own analysis, we estimate our SAM, consisting of the global cleaning and hygiene products and services economy, to be approximately $32 billion as of 2019, inclusive of $26 billion for our Institutional market and $6 billion for our Food & Beverage market. Our TAM consists of adjacent cleaning and hygiene market opportunities that we are either in the early innings of penetrating or where we have developed products and services to begin penetrating. We estimate our TAM to be approximately $46 billion, including, but not limited to, adjacent market opportunities such as water treatment, consumer and residential wipes, UV disinfection, and food safety consulting representing an additional $14 billion in excess of our SAM.

We believe that the recurring demand for consumable products and services, as well as broader secular demand tailwinds, have driven stable historical demand growth of approximately 3% per year across our SAM. We also believe that the COVID-19 pandemic has further increased standards for hygiene, infection prevention and cleaning, solidifying these trends. We have analyzed and estimated the key components of our SAM and believe our market opportunity will continue to grow over the long-term at a rate of approximately 3% per year.

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Additionally we believe we are well-positioned across a number of specific market segments within our SAM that are growing faster than the market overall:

Emerging Geographies. We expect emerging economies, including the Asia Pacific and Latin America regions, to not only grow at a higher rate than the overall market, but also to experience even higher growth within their hygiene and cleaning markets as they modernize to western standards, a trend that has been further accelerated by COVID-19.
Infection Prevention. We believe the market for infection prevention products, across both commercial and personal use cases, will continue to experience growth in excess of our SAM overall. While COVID-19 has elevated global hygiene and cleaning standards, driving increased demand for infection prevention products, the global market for disinfectant sprays and wipes is expected to grow at approximately an 8% CAGR from 2019 through 2023, according to Arizton. We believe that given our offerings across these product groups, we are well-positioned to capitalize on this significant, growing market opportunity.
Healthcare Sector. We expect the overall healthcare sector to grow at approximately 5% within our SAM, driven by aging populations, increasing demand for healthcare services, and continued focus on cleaning and hygiene resulting from heightened quality standards intended to reduce incidences of healthcare acquired infections. We expect the shift to consumer-oriented, better quality care, and the impact of stricter regulatory compliance standards, will support above market growth within the sector.

While our SAM provides ample opportunity for sustained growth and market share gains across our core markets today, our TAM consists of additional adjacent market opportunities, which we are well-positioned to further penetrate. We categorize these adjacent market opportunities as those in which we already have products, services, and technology solutions deployed.

Key trends driving demand and increasing our TAM include:

Heightened Focus across Infection Prevention and Hygiene. We expect the COVID-19 pandemic to drive a permanent increase in hygiene intensity across all markets. Additionally, the high incidences of healthcare acquired infections continue to increase standards for infection prevention in the fast-growing healthcare sector.
Continued Food Safety Measures. Restaurants, food producers, and distributors are focused on combatting the rise and frequency of foodborne illnesses, particularly as the trend towards fast casual dining continues to grow.
Increased Regulation. Government regulations for food safety as well as changes in the regulatory environment continue to impact labeling and classification of chemicals.
Global Sustainability. Eco resource scarcity is a particular focus across nearly all business end-markets, where regulatory, corporate and governance initiatives increasingly drive the continued adoption of sustainable solutions. As such, organizations are becoming increasingly aware of “green cleaning,” which uses cleaning methods and products with environmentally friendly ingredients and procedures designed to preserve human health, minimize waste and improve environmental quality. We believe that customers will continue to seek our products and services to help them identify cost-saving inefficiencies and reduce the environmental impacts of their operations.
Digital Innovation. The shift toward the use of network-connected, physical devices embedded with electronics, software, sensors and actuators that collect and exchange data represents a growth opportunity across cleaning and hygiene categories as end markets are highly motivated to leverage technologies to reduce costs and increase efficiency.
Population Growth. Increasing global population will drive growth in the need for food, beverage, agriculture, and healthcare over time, leading to positive secular dynamics for the food & beverage, grocery, and healthcare markets.

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Our Competitive Strengths

We have numerous core strengths that we believe provide us with a competitive advantage:

Leading Market Position in Large and Growing Markets. We are a recognized global brand and a leading provider of hygiene, infection prevention, and cleaning solutions with the number one or number two market position in the key markets in which we operate.
Rare Platform Offering Full Suite of Cleaning Chemicals, Services, and Machines. Our comprehensive and differentiated solutions provide an end-to-end product portfolio that aligns with our customers’ mission critical priorities. As the only large-scale global provider of these solutions who also supplies cleaning machines, we are uniquely able to offer fully-integrated solutions to solve our customers’ specific challenges and become deeply embedded within our customers’ operations.
Diverse Revenue Streams across Products, Customers and Geographies. Our global operations serve more than 85,000 customers across a broad range of industries, and we have a significant presence throughout North America, EMEA, and Emerging Markets.
Continuous Innovation to Meet Customers’ Evolving Needs. Innovation is at the core of everything we do. Our focus on both digital and portfolio innovation has made us a leader in the development of cutting-edge solutions and a sought after partner for our customers.
Customized Solutions for the Most Sophisticated Customers, Resulting in High Retention and Resiliency. We are a trusted advisor to those who require customizable solutions to provide their end consumers with total confidence and peace of mind, resulting in a 99% revenue retention rate for our top 100 customers in 2020 with ~84% of our customer relationships extending beyond ten years.
Asset-Light Business Model with High Cash Flow Conversion. Our business model is customer-centric and requires minimal capital expenditures, driving high Unlevered Cash Flow Conversion of approximately 73% for the year ended December 31, 2020, and strong, stable returns.
Resilient Financial Model with Track Record of Consistent Performance. Our diversified business model, broad exposure to a variety of attractive and stable end-markets, and flexible cost structure have enabled us to perform very well throughout varying economic cycles.

Our Growth Strategy

We believe that we have a clear and multifaceted growth strategy, the foundation of which has been set since our successful carve-out transaction from Sealed Air in 2017. We believe we are well positioned to accelerate and sustain growth and profitability over the long-term by executing on the following strategies:

Capitalize on Institutional Market Recovery and Capture Above-Market Growth with New and Existing Customers. Approximately 70% of our Institutional business has been negatively affected by COVID-19 and is predicted to recover to normalized levels. Despite the negative impact on many of the industries we serve, we saw growth across several end markets, including healthcare, due to the mission-critical nature of the solutions that we deliver. While we believe market recovery represents a tailwind for growth, we believe we have significant opportunities to further enhance growth by executing on the following strategies:
Continue to Gain Share in Infection Prevention. We estimate the market for infection prevention will grow at an approximately 8% compound annual growth rate from 2019 to 2023. Our hard surface disinfectants business has a proven history of market share gains in the healthcare sector and has grown significantly over the last six years. Following our recent acquisition of the intellectual property rights to the accelerated hydrogen peroxide technology of

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Virox (the “Virox IP Acquisition”) and acquisition of Wypetech, we expect further growth across our Infection Prevention business.
Scale Food Service Market Offerings. Following two large new customer wins in 2018, we made significant investments to build a sales and service infrastructure in the North America Food Service market. Since 2018, we have onboarded over 15,000 new sites. The infrastructure we have already built allows us to further penetrate segments of the market with much greater levels of efficiency and profitability.
Drive Commercial Excellence. We have strengthened our commercial strategic capabilities significantly since 2017, and expect the recent reorganization of our sales and service functions and our increased use of customer analytics, sales training, and performance incentives to further bolster our leading market positions.
Expand in Emerging Markets. We have leading positions in key emerging markets that are growing in excess of the market in total. We see tangible opportunities in these markets to not only support the operations of our existing multi-national customers, but to also support the growing demand for infection prevention as sanitation requirements increase to developed-country standards.
Focus on Global Strategic Accounts. We are focused on expanding our share of wallet with GSAs. GSAs are growing faster than other players in their respective markets and require innovative, custom solutions to meet their sophisticated global standards. As one of only two players capable of serving GSAs, we believe we are well-positioned to capture this opportunity.
Continuously Innovate Across Products and Services. Our innovation across chemicals, dosing and dispensing technology, and digital capabilities helps us continuously enhance our value proposition with new and existing customers.
Leverage Existing Sector Leadership to Grow Share in the Food & Beverage Market. We plan to target local and regional customers where we are well-positioned to win. Our focus is on geographies and end markets where we can leverage our exceptional talent, strong local supply, and robust service infrastructure to further increase our high relative market share.
Cross-Sell Water Treatment Products and Services. Water treatment is increasingly becoming a bundled solution with our core Food & Beverage product offerings. This represents a significant and identifiable opportunity within our existing customer base. Our new strategic partnership with a leading global water treatment company provides us with access to products and technology to cross-sell water and wastewater treatment solutions to our existing customers.
Accelerate Digital Innovation. We are focused on expanding our presence by leveraging our innovative and industry-leading digital capabilities. Providing digital tools and robotics to create differentiated value and meet the complex needs of our customers is core to our growth.
Develop Sustainable Solutions. We aim to leverage our history of innovation to stay at the forefront of the development of sustainable cleaning and hygiene solutions. Our sustainability-focused innovation platform allows us to provide our customers with cutting-edge solutions that help them to reduce water and energy use, as well as limit greenhouse gas emissions. We believe that our customers see the value in these innovations and that our focus on sustainability will continue to drive future growth.
Achieve Full Margin Potential. Our margins have improved approximately 330 basis points since 2018 and we see significant opportunity for additional margin expansion. In 2019, we instituted our Earnings Improvement Program which is an ongoing, regularly updated, continuous improvement process to engage the entire organization in identifying and implementing cost savings initiatives. We have also instituted enhanced pricing processes and implemented cost-savings initiatives to optimize our sourcing and supply chain capabilities.

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Execute on Accretive M&A. We are a scale company operating in markets where the majority of our competitors are small, local or regional providers. Our ability to acquire and integrate other providers creates significant value for our company and our customers. We have executed six strategic acquisitions since 2017 and have identified a robust current pipeline to continue to drive accretive growth.

Impact of COVID-19

The COVID-19 pandemic has had a meaningful impact on our business, especially within our Institutional segment. Strong demand for our infection prevention products and services in the first quarter of 2021 offset volume related declines in sales to restaurants, hotels and entertainment facilities related to the COVID-19 pandemic. In the second and third quarters of 2021, we saw restrictions and lock-downs start to ease in some markets, resulting in stronger than anticipated sales in those markets. Conversely, as expected, demand for infection prevention products and services has slowed in the second and third quarters to levels below the peak demand from last year but continuing above pre-COVID-19 levels.

In countries such as U.S. and U.K. with higher vaccination rates and where reopenings are more advanced, we are seeing faster-than-expected recovery of our base Institutional business, with the U.S. already ahead of 2019 and the U.K. tracking rapidly towards it. However, in countries such as India and Philippines with COVID surges, low vaccination rates and prolonged lockdowns the recovery levels are lower. We anticipate our base revenues to recover more quickly than originally planned as lockdowns ease, but to remain subdued while lockdowns persist in low vaccination countries.

In the long-term, we expect that our recent product enhancements, digital investments, and cost efficiencies will result in accelerated growth as the end markets most negatively impacted by the pandemic continue to normalize and return to pre-COVID-19 pandemic levels. Moreover, we expect increased demand for our infection prevention products and services to endure. We believe the pandemic has resulted in higher disinfection standards and a fundamental shift in demand for our products, thereby permanently altering the landscape for health and hygiene solutions.

Risks Associated with Our Business

There are a number of risks related to our business, this offering and our ordinary shares that you should consider before you decide to participate in this offering. You should carefully consider all the information presented in the section entitled “Risk Factors” in this prospectus. Some of the principal risks related to our business include the following:

the continuation of the COVID-19 pandemic may cause disruptions to our operations, customer demand, and our suppliers’ ability to support us;
uncertain global economic conditions which have had and could continue to have an adverse effect on our consolidated financial condition and results of operations;
the global nature of our operations exposes us to numerous risks that could materially adversely affect our consolidated financial condition and results of operations;
our substantial indebtedness, which requires a significant amount of cash to service our debt payment obligations, may limit our ability to plan for or respond to significant changes in our business;
the trading price of our ordinary shares may be volatile; and
the other factors set forth under “Risk Factors.”

These and other risks are more fully described in the section entitled “Risk Factors” in this prospectus. If any of these risks actually occurs, our business, financial condition, results of operations, cash flows and prospects could be materially and adversely affected. As a result, you could lose all or part of your investment in our ordinary shares.

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Bain Capital

Bain Capital, LP is one of the world’s leading private, multi-asset alternative investment firms with approximately $140 billion of assets under management. Bain Capital, LP invests across asset classes including private equity, credit, public equity, venture capital and real estate, and leverages its shared platform to capture cross-asset opportunities in its strategic areas of focus. Currently, Bain Capital, LP has a team of over 550 investment professionals supporting its various asset classes. Headquartered in Boston, Bain Capital, LP has offices in Chicago, Dublin, Guangzhou, Hong Kong, London, Luxembourg, Madrid, Melbourne, Mumbai, Munich, New York, Palo Alto, San Francisco, Seoul, Shanghai, Singapore, Sydney and Tokyo.

Since 1984, Bain Capital Private Equity, L.P. has made over 350 investments in a variety of industries around the world. The firm has a long and successful history of investing in industrial businesses and has a dedicated group of investment professionals focused on the sector. Bain Capital Private Equity has helped to build and scale many leading companies, including American Trailer Works, APEX Tool Group, Autodistribution, Dealer Tire, Fedrigoni, Imperial Dade, Innocor, Italmatch Chemicals, MKM Building Supplies, MSX International, Nova Austral, Sensata, TI Fluid Systems, Trinseo, Veritiv, and Wittur in the U.S. and Europe.

Certain investment funds advised by Bain Capital Private Equity, L.P. made an indirect equity contribution of $850.0 million into Diamond in connection with the 2017 Acquisition. See “Basis of Presentation.”

General Corporate Information

Our formation as a stand-alone business dates back to September 6, 2017, when Diamond consummated the 2017 Acquisition. Diversey Holdings, Ltd. was formed on November 3, 2020 for the purpose of completing our initial public offering and related transactions. On March 29, 2021, the Company completed an initial public offering of its ordinary shares at a public offering price of $15.00 per share.

The Company does not conduct any operations other than with respect to its direct and indirect ownership of its subsidiaries, and the business operations of Diversey are conducted primarily out of its indirect operating subsidiaries. The principal executive offices of the Diversey business are located at 1300 Altura Road, Suite 125, Fort Mill, South Carolina, 29708, and our telephone number at that address is (803) 746-2200. Our corporate website is diversey.com. Information contained on, or available through, our website does not constitute part of, and is not deemed incorporated by reference into, this prospectus.

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THE OFFERING

Ordinary shares offered by us

    

15,000,000 shares.

Option to purchase additional shares from us

2,250,000 shares.

Ordinary shares to be outstanding after this offering

317,431,140 shares, or 319,681,140 shares if the underwriters exercise their option to purchase additional shares in full.

Use of proceeds

We estimate that we will receive net proceeds from this offering of approximately $242.7 million, or approximately $279.3 million if the underwriters exercise their option to purchase additional shares in full, based upon an assumed public offering price of $16.99 (which is the last reported sale price of our ordinary shares on NASDAQ on November 5, 2021), in each case after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from this offering for general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities and strategic transactions. We continue to believe that opportunities may exist from time to time to expand our current business through strategic alliances or acquisitions with other companies, products or technologies. However, we do not have binding commitments or agreements for any specific acquisitions at this time. We have not yet determined the amount of net proceeds to be used specifically for any of the foregoing purposes. Accordingly, we retain broad discretion over the use of the net proceeds from the sale of our ordinary shares offered hereby. See “Use of Proceeds.”

Controlled company

After this offering, Bain Capital will own approximately 74.5% of our ordinary shares (or approximately 73.9% of our ordinary shares if the underwriters’ option to purchase additional shares from us is exercised in full). As a result, we will remain a controlled company within the meaning of the corporate governance standards of NASDAQ. See “Management — Corporate Governance — Controlled Company Status.”

Risk factors

Investing in our ordinary shares involves a high degree of risk. See “Risk Factors” elsewhere in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our ordinary shares.

Trading symbol

“DSEY.”

The number of ordinary shares to be outstanding following this offering is based on 302,431,140 ordinary shares outstanding as of October 31, 2021, and excludes:

7,988,545 ordinary shares issuable upon vesting and settlement of restricted share units outstanding as of October 31, 2021; and
5,429,519 ordinary shares reserved for future issuance under our 2021 Omnibus Incentive Plan.

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Unless otherwise indicated, all information in this prospectus assumes:

no exercise by the underwriters of their option to purchase up to 2,250,000 additional ordinary shares.

SUMMARY CONDENSED CONSOLIDATED AND COMBINED FINANCIAL DATA

The following tables present the summary condensed consolidated financial data of Diversey (the “Successor”) and the summary condensed combined financial data of the Predecessor Diversey Business. We have derived the summary historical condensed consolidated financial data of Diversey as of December 31, 2020 and 2019 and for the fiscal years ended December 31, 2020, 2019 and 2018 from our audited condensed consolidated financial statements for such years, which are included elsewhere in this prospectus. We have derived the summary historical condensed consolidated financial data of Diversey as of September 30, 2021 and September 30, 2020 from our unaudited condensed consolidated financial statements for such years, which are included elsewhere in this prospectus. We have derived the summary historical condensed consolidated and combined financial data of Diversey as of December 31, 2018, the Successor period of March 15, 2017 through December 31, 2017 and the Predecessor period of January 1 through September 5, 2017 from our audited consolidated and combined financial statements and related notes thereto that do not appear in this prospectus. Our historical results are not necessarily indicative of our results in any future period. You should read the following summary condensed financial data together with our consolidated annual financial statements and the related notes included elsewhere in this prospectus and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this prospectus.

    

    

Predecessor

Successor (consolidated)

(combined)

Nine

Nine

Months

Months

For the period

For the period

Ended

Ended

March 15

 January 1

September 30,

September 30,

Years end December 31,

 December 31 ,

September 5,

(in millions, except per share amounts)

2021

    

2020

    

2020

    

2019

    

2018

    

2017

    

2017

Statements of Operations Data:

Net sales

 

$

1,946.5

 

$

1,961.8

$

2,629.2

$

2,623.9

$

2,688.1

 

$

870.2

 

$

1,681.3

Cost of sales

 

1,173.5

 

1,150.0

 

1,559.4

 

1,522.1

 

1,570.6

 

518.2

 

959.0

Gross profit

 

773.0

 

811.8

 

1,069.8

 

1,101.8

 

1,117.5

 

352.0

 

722.3

Selling, general and administrative expenses

 

642.5

 

582.9

 

835.7

 

858.6

 

883.8

 

284.3

 

654.2

Transition and transformation costs

 

33.1

 

20.0

 

42.5

 

52.8

 

120.6

 

53.7

 

Management fee

 

19.4

 

5.6

 

7.5

 

7.5

 

7.5

 

2.4

 

Amortization of intangible assets

 

72.6

 

74.0

 

98.2

 

93.7

 

91.2

 

19.4

 

40.6

Impairment of goodwill

 

 

 

 

 

68.5

 

 

Restructuring and exit costs

 

22.4

 

5.3

 

25.6

 

19.8

 

24.9

 

 

0.1

Merger and acquisition-related costs

 

 

0.9

 

1.0

 

0.3

 

7.3

 

38.0

 

Operating income (loss)

 

(17.0)

123.1

 

59.3

 

69.1

 

(86.3)

(45.8)

27.4

Interest expense

 

97.4

 

94.8

 

127.7

 

141.0

 

135.2

 

42.7

 

9.0

Gain on sale of business investment

 

 

 

 

(13.0)

 

 

 

Bridge commitment fees

 

 

 

 

 

 

7.5

 

Foreign currency (gain) loss related to Argentina subsidiaries

 

(2.7)

 

0.3

 

1.6

 

11.4

 

2.4

 

 

Loss on settlement of foreign currency contract

 

 

 

 

 

 

121.3

 

Loss on extinguishment of debt

15.6

Other (income) expense, net

 

4.8

 

(29.2)

 

(40.7)

 

6.0

 

0.8

 

(2.7)

 

(0.9)

Income (loss) before income tax provision (benefit)

 

(132.1)

 

57.2

 

(29.3)

 

(76.3)

 

(224.7)

 

(214.6)

 

19.3

Income tax provision (benefit)

 

7.0

 

23.9

 

9.2

 

32.7

 

14.4

 

(61.6)

 

23.8

Net Income (loss)

 

$

(139.1)

 

$

33.3

$

(38.5)

$

(109.0)

$

(239.1)

$

(153.0)

 

$

(4.5)

Basic and diluted income (loss) per share(1)

 

$

(0.49)

 

$

0.14

$

(0.16)

$

(0.77)

$

(1.69)

$

(1.08)

Basic and diluted weighted-average shares outstanding(1)

 

283.4

 

243.2

 

243.2

 

141.7

 

141.3

 

141.1

Balance Sheet Data (as of the end of period):

Working capital

 

$

82.9

 

$

98.4

$

(6.6)

$

29.7

$

42.4

Cash and cash equivalents

 

68.8

 

176.0

 

192.9

 

128.3

 

73.4

Property and equipment, net

 

187.9

 

173.2

 

188.3

 

172.2

 

206.8

Total assets

 

4,095.7

 

4,195.6

 

4,286.1

 

4,213.5

 

4,190.0

Total liabilities

 

3,526.8

 

4,606.8

 

4,794.7

 

4,534.7

 

4,546.9

Total stockholder’s equity

 

568.9

 

(411.2)

 

(508.6)

 

(321.2)

 

(356.9)

Other Financial Data

EBITDA(2)

 

$

103.9

 

$

292.0

$

288.1

$

242.7

$

76.9

$

(131.4)

$

116.9

Non-GAAP consolidated Adjusted EBITDA(2)

 

300.6

 

304.9

401.2

339.8

321.6

(113.8)

196.0

Dosing and dispensing equipment expenditures

 

(47.8)

 

(32.5)

(45.6)

(93.4)

(83.2)

(24.5)

(38.5)

Capital expenditures

 

(22.2)

(24.4)

(41.4)

(29.0)

(44.2)

(4.1)

(12.3)

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Sales Growth Reconciliation:

    

Nine Months Ended

 

    September 30,

Year Ended December 31,

(in millions, except percentages)

2021

    

2020

    

2019

    

2018

    

Net Sales – Prior Year

$

1,961.8

    

$

2,623.9

    

$

2,688.1

    

  

$

2,551.5

    

  

 

Organic change (non-U.S. GAAP)

 

(86.5)

 

(4.4)

%

48.1

1.8

%

52.2

 

1.9

%

125.0

 

4.9

%

SCJ(3)

 

 

 

 

 

 

(22.6)

 

(0.9)

%

Unilever(4)

 

 

 

 

(6.8)

 

(0.3)

%

(16.3)

 

(0.6)

%

Acquisition

 

14.1

 

0.7

%

4.9

0.2

%

25.5

 

0.9

%

79.8

 

3.1

%

Constant dollar change (non-U.S. GAAP)

 

(72.4)

 

(3.7)

%

53.0

2.0

%

70.9

 

2.6

%

165.9

 

6.5

%

Foreign currency translation

 

57.1

 

2.9

%

(47.7)

(1.8)

%

(135.1)

 

(5.0)

%

(29.3)

 

(1.1)

%

Total change (U.S. GAAP)

 

(15.3)

 

(0.8)

%

5.3

0.2

%

(64.2)

 

(2.4)

%

136.6

 

5.4

%

Net Sales – Current Year

$

1,946.5

$

2,629.2

 

$

2,623.9

 

  

 

$

2,688.1

 

  

(1)See Note 23 — Earnings Per Share in the notes to our consolidated financial statements included elsewhere in this prospectus for additional information with respect to our calculations of our basic and diluted loss per share.
(2)We have presented EBITDA, which is defined as income (loss) before income tax provisions (benefit), interest expense, and depreciation and amortization, and Adjusted EBITDA, which is defined as EBITDA adjusted for the other items described below, each of which is considered a Non-GAAP financial measure. Our EBITDA and Adjusted EBITDA measures are included in this prospectus as supplemental measures of our liquidity and performance and because we believe such measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Our EBITDA and Adjusted EBITDA measures are not measures of our liquidity or financial performance under GAAP and should not be considered as alternatives to net income (loss), income (loss) before income taxes provision (benefit) or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity.

The use of our EBITDA and Adjusted EBITDA measures instead of net income (loss) has limitations as an analytical tool, including the failure to reflect changes in cash requirements, including cash requirements necessary to service principal or interest payments on our debt, pay our income taxes, invest in our maintenance and growth capital expenditures or in our working capital needs. Management compensates for these limitations by relying primarily on our GAAP results and by using our EBITDA and Adjusted EBITDA measures only supplementally. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

(3)The Company had a Brand Licensing Agreement (“BLA”) with SC Johnson (“SCJ”) that terminated in the second quarter of 2017. This adjustment represents the revenue recognized under the BLA that did not repeat in subsequent periods.
(4)In 2018 the Company’s Master Licensing Agreement (“MLA”) with Unilever (under which the Company sold and recorded revenue for Unilever products) expired and was replaced with a Master Sales Agency (“MSA”) agreement whereby the Company effectively receives a commission on the sale of Unilever products. This adjustment represents the revenue recorded under the MLA offset by the commission received under the MSA agreement.

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The following table shows a reconciliation of U.S. GAAP (as defined herein) income (loss) before income tax provisions (benefit) to EBITDA, Adjusted EBITDA, Unlevered Cash Flow and Unlevered Cash Flow Conversion:

     

Predecessor

    

Successor (consolidated)

    

(combined)

Nine Months

Nine Months

For the period

For the period

Ended

Ended

March 15

January 1

September 30,

September 30,

Years Ended December 31,

December 31,

September 5

(in millions, except percentages)

2021

    

2020

   

2020

   

2019

   

2018

   

2017

   

2017

Income (loss) before income tax provision (benefit)

$

(132.1)

$

57.2

$

(29.3)

$

(76.3)

$

(224.7)

$

(214.6)

$

19.3

Interest expense

97.4

 

94.8

127.7

 

141.0

 

135.2

 

42.7

 

9.0

Interest income

(2.9)

 

(4.6)

 

(5.9)

 

(7.5)

 

(5.8)

 

(1.4)

 

(3.3)

Amortization expense of intangible assets acquired

72.6

 

74.0

 

98.2

 

93.7

 

91.2

 

19.4

 

40.6

Depreciation expense included in cost of sales

62.0

 

64.4

 

89.5

 

84.4

 

73.4

 

21.5

 

41.1

Depreciation expense included in selling, general and administrative expenses

6.9

 

6.2

 

7.9

 

7.4