The Carlyle Group's Japanese unit is sponsoring the management buyout of sanitation business Diversey Japan, according to a statement. The company provides cleaning, sanitation and hygiene products, as well as consulting services across Japan, and is part of a wider US-based Diversey Group that has offices in 60 locations globally.
Carlyle is set to pay current US owner Sealed Air Corporation $377 million, according to media reports. The firm was not available for comment at press time.
Although the debt-to-equity split was not detailed in the statement, Carlyle said in the statement that the equity will come from its Carlyle Japan Partners II fund, which raised ¥165.6 billion in 2006 and has since invested in five companies.
Carlyle earlier this year promoted Kazuhiro Yamada, previously a managing director, to co-head of the Japan buyout group.