|
Philip Wieland,
Chief Executive Officer and Director |
| |
Eric Foss,
Non-Executive Chair of the Board |
|
| , 2023 | | |
On behalf of the Board of Directors,
|
|
| | | |
Michael Chapman
Secretary |
|
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Benchmark
|
| |
High
|
| |
Low
|
| |
Median
|
| |
3rd Quartile
|
| ||||||||||||
TEV / 2023E EBITDA
|
| | | | 15.3x | | | | | | 7.5x | | | | | | 10.5x | | | | | | 11.9x | | |
Benchmark
|
| |
High
|
| |
Low
|
| ||||||
TEV / LTM EBITDA
|
| | | | 14.0x | | | | | | 9.7x | | |
| | |
1 Day
Closing Price |
| |
1M
VWAP |
| ||||||
25th Percentile
|
| | | | 19% | | | | | | 16% | | |
Median
|
| | | | 28% | | | | | | 31% | | |
75th Percentile
|
| | | | 41% | | | | | | 49% | | |
| | |
Management
Projections |
| |
Market Rate Estimates(1)
|
| ||||||||||||||||||||||||||||||
| | |
2022E – 2027E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| ||||||||||||||||||
Currency Pair | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EUR/USD
|
| | | | 1.082 | | | | | | 1.10 | | | | | | 1.12 | | | | | | 1.13 | | | | | | 1.09 | | | | | | 1.11 | | |
CAD/USD
|
| | | | 0.739 | | | | | | 0.760 | | | | | | 0.770 | | | | | | 0.750 | | | | | | 0.780 | | | | | | 0.740 | | |
TRY/USD
|
| | | | 0.045 | | | | | | 0.049 | | | | | | 0.045 | | | | | | 0.03 | | | | | | 0.034 | | | | | | 0.034 | | |
GBP/USD
|
| | | | 1.246 | | | | | | 1.25 | | | | | | 1.28 | | | | | | 1.29 | | | | | | 1.24 | | | | | | 1.26 | | |
INR/USD
|
| | | | 0.0119 | | | | | | 0.0123 | | | | | | 0.0123 | | | | | | 0.0122 | | | | | | 0.0126 | | | | | | 0.0126 | | |
| | |
Company Management Forecasts
|
| |||||||||||||||||||||||||||
Dollars in millions
|
| |
2023F
|
| |
2024F
|
| |
2025F
|
| |
2026F
|
| |
2027F
|
| |||||||||||||||
Net Sales
|
| | | $ | 3,023.2 | | | | | $ | 3,147.8 | | | | | $ | 3,352.6 | | | | | $ | 3,569.9 | | | | | $ | 3,794.0 | | |
Gross Profit
|
| | | $ | 1,192.5 | | | | | $ | 1,261.1 | | | | | $ | 1,351.3 | | | | | $ | 1,448.1 | | | | | $ | 1,547.6 | | |
EBITDA(1) | | | | $ | 370.4 | | | | | $ | 397.6 | | | | | $ | 445.4 | | | | | $ | 499.5 | | | | | $ | 554.3 | | |
Capital Expenditures
|
| | | -$ | 106.0 | | | | | -$ | 111.0 | | | | | -$ | 109.5 | | | | | -$ | 109.5 | | | | | -$ | 109.5 | | |
Change in NWC
|
| | | -$ | 14.4 | | | | | -$ | 13.6 | | | | | -$ | 19.1 | | | | | -$ | 19.5 | | | | | -$ | 18.2 | | |
Cash Taxes
|
| | | -$ | 46.8 | | | | | -$ | 50.2 | | | | | -$ | 56.2 | | | | | -$ | 63.0 | | | | | -$ | 69.8 | | |
Other Adhoc Operating Costs
|
| | | -$ | 65.0 | | | | | -$ | 45.0 | | | | | -$ | 40.0 | | | | | -$ | 35.0 | | | | | -$ | 35.0 | | |
Other Operating Cash Flow Items
|
| | | $ | 30.0 | | | | | $ | 10.0 | | | | | $ | 10.0 | | | | | $ | 10.0 | | | | | $ | 10.0 | | |
M&A | | | | -$ | 10.0 | | | | | -$ | 50.0 | | | | | -$ | 50.0 | | | | | -$ | 50.0 | | | | | -$ | 50.0 | | |
Tax Receivable Agreement
|
| | | -$ | 1.6 | | | | | -$ | 4.4 | | | | | -$ | 14.7 | | | | | -$ | 14.7 | | | | | -$ | 14.7 | | |
Unlevered FCF(2)
|
| | | $ | 156.5 | | | | | $ | 133.3 | | | | | $ | 165.8 | | | | | $ | 217.8 | | | | | $ | 267.1 | | |
| | |
Cash Severance ($)(1)
|
| |
Equity ($)(2)
|
| |
Continued Health Benefits ($)
|
| |
Total ($)
|
| ||||||||||||
Philip Wieland
|
| | | | 1,779,157 | | | | | | 8,269,174 | | | | | | — | | | | | | 10,048,331 | | |
Todd Herndon
|
| | | | 1,167,750 | | | | | | 1,729,114 | | | | | | 36,290(3) | | | | | | 2,933,154 | | |
Gaetano Redaelli
|
| | | | 1,690,863 | | | | | | 546,886 | | | | | | — | | | | | | 2,237,749 | | |
Sinéad Kwant
|
| | | | 867,665 | | | | | | 2,576,565 | | | | | | — | | | | | | 3,444,230 | | |
Rudolf Verheul
|
| | | | 557,400 | | | | | | 1,053,248 | | | | | | — | | | | | | 1,610,648 | | |
| | |
Base Salary ($)
|
| |
Target Annual Incentive
Opportunity ($) |
| |
Average Annual Incentive
Payment Amount for Last Three Fiscal Years ($) |
| |||||||||
Philip Wieland
|
| | | | 889,578 | | | | | | 889,578 | | | | | | N/A | | |
Todd Herndon
|
| | | | 648,750 | | | | | | 519,000 | | | | | | N/A | | |
Gaetano Redaelli
|
| | | | 422,716 | | | | | | 211,358 | | | | | | N/A | | |
Sinéad Kwant
|
| | | | 542,291 | | | | | | 325,374 | | | | | | N/A | | |
Rudolf Verheul
|
| | | | 395,456 | | | | | | N/A | | | | | | 161,944 | | |
Named Executive Officer
|
| |
Restricted
Ordinary Shares (Single Trigger) ($) |
| |
2022
Bonus RSUs (Single Trigger) ($) |
| |
Unvested
IPO RSUs (Double Trigger) ($) |
| |
Unvested
Company PSUs (Double Trigger) ($) |
| |
Unvested
Closing RSUs (Double Trigger) ($) |
| |
TRA
RSUs (Double Trigger) ($) |
| |
Unvested
Non-IPO RSUs (Double Trigger) ($) |
| |
Total ($)
|
| ||||||||||||||||||||||||
Philip Wieland
|
| | | | 4,414,007 | | | | | | — | | | | | | 559,994 | | | | | | 1,766,352 | | | | | | 525,000 | | | | | | 415,031 | | | | | | 588,790 | | | | | | 8,269,174 | | |
Todd Herndon
|
| | | | — | | | | | | — | | | | | | 559,994 | | | | | | 706,541 | | | | | | 227,060 | | | | | | — | | | | | | 235,519 | | | | | | 1,729,114 | | |
Gaetano Redaelli
|
| | | | — | | | | | | — | | | | | | 139,994 | | | | | | 196,325 | | | | | | 58,428 | | | | | | 86,695 | | | | | | 65,444 | | | | | | 546,886 | | |
Sinéad Kwant
|
| | | | 1,288,787 | | | | | | 142,500 | | | | | | 559,994 | | | | | | 312,194 | | | | | | 122,500 | | | | | | 46,522 | | | | | | 104,068 | | | | | | 2,576,565 | | |
Rudolf Verheul
|
| | | | — | | | | | | — | | | | | | 559,994 | | | | | | 263,903 | | | | | | 89,177 | | | | | | 52,209 | | | | | | 87,965 | | | | | | 1,053,248 | | |
Description
|
| |
Amount
|
| |||
Financial advisory fees and expenses
|
| | | $ | | | |
Legal fees and expenses
|
| | | $ | | | |
Accounting and tax advisory fees
|
| | | $ | | | |
SEC filing fees
|
| | | $ | | | |
Printing, proxy solicitation and mailing costs
|
| | | $ | | | |
Miscellaneous
|
| | | $ | | | |
Total
|
| | | $ | | | |
Name
|
| |
Age
|
| |
Current Position and Office
|
|
Philip Wieland | | |
49
|
| | Chief Executive Officer and Director | |
Eric Foss | | |
64
|
| | Director and Non-Executive Chairman | |
Emily Ashworth | | |
48
|
| | Director | |
Selim Bassoul | | |
66
|
| | Director | |
Robert Farkas | | |
46
|
| | Director | |
Juan R. Figuereo | | |
67
|
| | Director | |
Ken Hanau | | |
57
|
| | Director | |
Rod Hochman | | |
67
|
| | Director | |
Susan Levine | | |
55
|
| | Director | |
Michel Plantevin | | |
66
|
| | Director | |
Katherine S. Zanotti | | |
68
|
| | Director | |
Name
|
| |
Age
|
| |
Current Position and Office
|
|
Philip Wieland | | |
49
|
| | Chief Executive Officer and Director | |
Todd Herndon | | |
57
|
| | Chief Financial Officer | |
Gaetano Redaelli | | |
61
|
| | Chief Strategic Development Officer | |
Tracy Long | | |
44
|
| | President, North America | |
Sinéad Kwant | | |
50
|
| | President, Western Europe | |
Somer Gundogdu | | |
53
|
| | President, Emerging Markets | |
Rudolf Verheul | | |
60
|
| | Global President, Food & Beverage | |
Bain Capital Ownership Percentage
|
| |
Number or Percentage of Directors
|
|
40% or more | | | A majority of directors | |
At least 30% and less than 40% | | | 40% of directors | |
At least 20% and less than 30% | | | 30% of directors | |
At least 10% and less than 20% | | | 20% of directors with a minimum of two directors | |
At least 2% and less than 10% | | | One director | |
Less than 2% | | | Zero directors | |
Name
|
| |
Citizenship
|
| |
Present Principal Occupation
or Employment (all have served five years or more in present position unless otherwise noted) |
|
Olympus Water Holdings Limited
|
| | Cayman Islands | | | General Partner | |
Mary Ann Sigler | | | United States | | | Director of the General Partner | |
Name
|
| |
Citizenship
|
| |
Present Principal Occupation
or Employment (all have served five years or more in present position unless otherwise noted) |
|
Mary Ann Sigler | | | United States | | | Director | |
Name
|
| |
Citizenship
|
| |
Present Principal Occupation
or Employment (all have served five years or more in present position unless otherwise noted) |
|
Platinum Equity Partners IV, L.P.
|
| | Delaware | | | General Partner | |
Tom Gores | | | United States | | | President of the General Partner | |
Mary Ann Sigler | | | United States | | | Vice President, Secretary and Treasurer of the General Partner | |
Eva Kalawski | | | United States | | | Vice President of the General Partner | |
Name
|
| |
Citizenship
|
| |
Present Principal Occupation
or Employment (all have served five years or more in present position unless otherwise noted) |
|
Platinum Equity Partners V, L.P.
|
| | Delaware | | | General Partner | |
Tom Gores | | | United States | | | Manager and President of the indirect General Partner | |
Mary Ann Sigler | | | United States | | | Vice President, Secretary and Treasurer of the indirect General Partner | |
Eva Kalawski | | | United States | | | Vice President of the indirect General Partner | |
Name
|
| |
Citizenship
|
| |
Present Principal Occupation
or Employment (all have served five years or more in present position unless otherwise noted) |
|
John Connaughton | | | United States | | | Partner at BCI | |
Chris Gordon | | | United States | | | Partner at BCI | |
David Gross-Loh | | | United States | | | Partner at BCI | |
| | |
Market Price
|
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
2021 | | | | | | | | | | | | | |
Second Quarter
|
| | | $ | 18.46 | | | | | $ | 14.04 | | |
Third Quarter
|
| | | $ | 18.15 | | | | | $ | 15.25 | | |
Fourth Quarter
|
| | | $ | 17.70 | | | | | $ | 12.46 | | |
2022 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 14.05 | | | | | $ | 6.97 | | |
Second Quarter
|
| | | $ | 10.48 | | | | | $ | 6.60 | | |
Third Quarter
|
| | | $ | 7.61 | | | | | $ | 4.83 | | |
Fourth Quarter
|
| | | $ | 5.82 | | | | | $ | 4.05 | | |
2023 | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 8.20 | | | | | $ | 4.28 | | |
Name and Address of Beneficial Owner
|
| |
Ordinary Shares Beneficially Owned
|
| |||||||||
|
Number of Shares
|
| |
Percentage
|
| ||||||||
5% SHAREHOLDERS | | | | | | | | | | | | | |
BCPE Diamond Investor, LP(1)
|
| | | | 236,983,211 | | | | | | 72.9% | | |
NAMED EXECUTIVE OFFICERS AND DIRECTORS: | | | | | | | | | | | | | |
Philip Wieland
|
| | | | 4,325,964 | | | | | | 1.3% | | |
Todd Herndon
|
| | | | 2,711,979 | | | | | | * | | |
Sinéad Kwant
|
| | | | 271,856 | | | | | | * | | |
Gaetano Redaelli
|
| | | | 501,546 | | | | | | * | | |
Rudolf Verheul
|
| | | | 305,689 | | | | | | * | | |
Kenneth Hanau(2)
|
| | | | — | | | | | | * | | |
Eric Foss
|
| | | | 755,560(3) | | | | | | * | | |
Michel Plantevin
|
| | | | — | | | | | | * | | |
Juan Figuereo
|
| | | | 46,225(4) | | | | | | * | | |
Selim Bassoul
|
| | | | 208,742(5) | | | | | | * | | |
Rodney Hochman, M.D.
|
| | | | 33,981(6) | | | | | | * | | |
Robert Farkas(2)
|
| | | | — | | | | | | * | | |
Susan Levine(2)
|
| | | | — | | | | | | * | | |
Katherine Zanotti
|
| | | | 16,773 | | | | | | * | | |
Emily Ashworth
|
| | | | — | | | | | | * | | |
Somer Gundogdu
|
| | | | 684,309 | | | | | | * | | |
Tracy Long
|
| | | | 10,069 | | | | | | * | | |
ALL DIRECTORS AND EXECUTIVE OFFICERS AS A GROUP (17 PERSONS)
|
| | | | 9,872,693 | | | | | | 3% | | |
| | |
Page
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| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-64 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-68 | | | |
| | | | A-70 | | | |
| | | | A-73 | | | |
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| | | | A-90 | | | |
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| | | | A-96 | | | |
| | | | A-96 | | | |
| | | | A-96 | | |
Term
|
| |
Section Reference
|
|
“2022 Bonus RSU Consideration” | | | 2.8(i) | |
“Adverse Recommendation Change” | | | 5.3(c)(i) | |
“Agreement” | | | Preamble | |
“Alternative Acquisition Agreement” | | | 5.3(a) | |
“Alternative Financing” | | | 6.5(a) | |
“Bain” | | | 1.1(e) | |
“Bain Per Share Price” | | | 2.7(a)(ii) | |
“Bain Shares” “Borrower” | | | 2.7(a)(ii) 4.10(a) | |
“Capitalization Date” | | | 3.8(a) | |
“Certificates” | | | 2.9(c) | |
“Chosen Courts” | | | 9.10(a) | |
“CICA” | | | Recitals | |
“Closing” | | | 2.3 | |
“Closing Date” | | | 2.3 | |
“Collective Bargaining Agreement” | | | 3.21(a) | |
“Commitment Letters” | | | 4.10(a) | |
“Commercial Tax Agreement” | | | 3.19(e) | |
“Company” | | | Preamble | |
“Company Board Recommendation” | | | 3.3(a) | |
“Company Disclosure Letter” | | | Article III | |
“Company Note Offers and Consent Solicitations” | | | 6.16(b) | |
Term
|
| |
Section Reference
|
|
“Company Related Parties” | | | 8.3(f)(ii) | |
“Company SEC Reports” | | | 3.10(a) | |
“Company Securities” | | | 3.8(c) | |
“Company Shareholder Meeting” | | | 6.4(a) | |
“Confidentiality Agreement” | | | 9.4 | |
“Consent Solicitations” | | | 6.16(b) | |
“Continuation Period” | | | 6.11(a) | |
“D&O Insurance” | | | 6.10(c) | |
“Debt Commitment Letter” | | | 4.10(a) | |
“Debt Commitment Letters” | | | 4.10(a) | |
“Debt Financing” | | | 4.10(a) | |
“Debt Financing Sources” | | | 4.10(a) | |
“Defined Benefit Plan” “Definitive Agreements” | | | 3.20(j) 6.5(a) | |
“Dissenting Shareholders” | | | 2.7(d)(i) | |
“Dissenting Shares” | | | 2.7(d)(i) | |
“Dollars” | | | 1.3(e) | |
“DTC” | | | 2.9(d) | |
“Effect” | | | 1.1(o) | |
“Effective Time” | | | 2.2 | |
“Electronic Delivery” | | | 9.15 | |
“Employee Plan” “Equity Award Schedule” | | | 3.20(a) 3.8(b) | |
“Equity Financing” | | | 4.10(a) | |
“Excluded Company Shares” | | | 2.7(a)(iii) | |
“Fee Letter” | | | 4.10(a) | |
“Fiduciary Out Period” | | | 5.3(b) | |
“Financing” | | | 4.10(a) | |
“GDPR” | | | 1.1(cccc) | |
“Guarantee” | | | Recitals | |
“Guarantor” | | | Recitals | |
“Indemnified Persons” | | | 6.10(a) | |
“Lease” | | | 3.15(b) | |
“Leased Real Property” “Legal Restraint” | | | 3.15(b) 7.1(c) | |
“Maximum Annual Premium” | | | 6.10(c) | |
“Merger” | | | Recitals | |
“Merger Sub” | | | Preamble | |
“New Plans” | | | 6.11(b) | |
“Notice Period” | | | 5.3(d)(ii)(3) | |
“Offers to Purchase” | | | 6.16(b) | |
“Old Plans” | | | 6.11(b) | |
“Other Required Company Filing” | | | 6.3(b) | |
“Owned Real Property” | | | 3.15(a) | |
“Parent” | | | Preamble | |
“Parent Related Parties” | | | 8.3(f)(i) | |
“Party” | | | Preamble | |
Term
|
| |
Section Reference
|
|
“Payment Agent” | | | 2.9(a) | |
“Payment Fund” | | | 2.9(b) | |
“Payoff Letters” | | | 6.16(c) | |
“Per Share Price” | | | 2.7(a)(ii) | |
“Plan of Merger” | | | 2.2 | |
“Privacy and Data Security Laws” “Prohibited Modifications” | | | 1.1(cccc) 6.5(c) | |
“Proxy Statement” | | | 6.3(a) | |
“Pro-Rata Portion” | | | 2.8(h) | |
“Public Shares” | | | 2.7(a)(ii) | |
“Public Shareholder Per Share Price” “Purpose” | | | 2.7(a)(ii) 6.8(b) | |
“Recent SEC Reports” “Recipient” | | | Article III 6.8(b) | |
“Redemption” | | | 6.16(a) | |
“Redemption Notices” | | | 6.16(a) | |
“Required Amount” | | | 4.10(a) | |
“Requisite Shareholder Approval” | | | 3.5 | |
“Restricted Share Consideration” | | | 2.8(d) | |
“Retention RSU Consideration” | | | 2.8(j) | |
“Rollover Agreement” | | | Recitals | |
“Rollover Shares” | | | Recitals | |
“Schedule 13e-3” “Security Regulations” | | | 6.3(a) 6.8(b) | |
“Special Committee” | | | Recitals | |
“Special Committee Recommendation” | | | Recitals | |
“Sublease” | | | 3.15(b) | |
“Surviving Company” | | | 2.1 | |
“Tax Action” | | | 3.19(b) | |
“Termination Date” | | | 8.1(c) | |
“TopCo” | | | Recitals | |
“Top Contract Manufacturer” | | | 3.26 | |
“Top Customers” | | | 3.27 | |
“Top Suppliers” | | | 3.26 | |
“TRA” “TRA RSU Consideration” | | | Recitals 2.8(l) | |
“TRA Termination Agreement” | | | Recitals | |
“Transaction Bonus RSU Consideration” “Transfer Expenses” | | | 2.8(k) 6.22 | |
“Uncertificated Shares” | | | 2.9(c) | |
“Unvested Closing RSU Consideration” “Unvested IPO Celebration RSU Consideration” | | | 2.8(h) 2.8(m) | |
“Unvested IPO RSU Consideration” | | | 2.8(f) | |
“Unvested Non-IPO RSU Consideration” | | | 2.8(g) | |
“Unvested PSU Consideration” | | | 2.8(c) | |
“Vested PSU Consideration” | | | 2.8(b) | |
“Vested RSU Consideration” | | | 2.8(e) | |
“Voting Agreement” | | | Recitals | |
| | | |
OLYMPUS WATER HOLDINGS IV, L.P.
By: Olympus Water Holdings Limited,
its General Partner |
| |||
| | | | By: | | |
/s/ Mary Ann Sigler
Name: Mary Ann Sigler
Title: Director |
|
| | | | DIAMOND MERGER LIMITED | | |||
| | | | By: | | |
/s/ Mary Ann Sigler
Name: Mary Ann Sigler
Title: Director |
|
| | | | DIVERSEY HOLDINGS, LTD. | | |||
| | | | By: | | |
/s/ Philip Wieland
Name: Philip Wieland
Title: Chief Executive Officer |
|
|
SIGNED for and on behalf of [Merger Sub]:
|
| |
)
) ) ) ) ) ) |
| |
Duly Authorised Signatory
Name:
Title:
|
|
|
SIGNED for and on behalf of Diversey Holdings, Ltd.:
|
| |
)
) ) ) ) ) |
| |
Duly Authorised Signatory
Name:
|
|
| | | | ) | | |
Title:
|
|
Stockholder
|
| |
Address
|
| |
Owned Shares
|
|
BCPE DIAMOND INVESTOR, LP
a Delaware limited partnership |
| |
c/o Bain Capital Private Equity, LP
200 Clarendon Street Boston, MA 02116 Attention: Ken Hanau E-mail: [***]
With a copy to:
Kirkland & Ellis LLP
601 Lexington Avenue New York, NY 10022 Attention: Sarkis Jebejian, P.C. Christopher M. Thomas, P.C. Andrew Struckmeyer
E-mail: sarkis.jebejian@kirkland.com
christopher.thomas@kirkland.com andrew.struckmeyer@kirkland.com |
| |
236,983,211 Company Shares
|
|
| | | | TOPCO: | |
| | | | Olympus Water Holdings I, L.P. | |
| | | |
By: Olympus Water Holdings Limited,
its general partner |
|
| | | |
By:
/s/ Mary Ann Sigler
Name: Mary Ann Sigler
Its: Director |
|
| | | | INVESTOR: | |
| | | | BCPE Diamond Investor, LP | |
| | | |
By: BCPE Diamond GP, LLC
its general partner |
|
| | | |
By: Bain Capital Fund XI, L.P.
its managing member |
|
| | | |
By: Bain Capital Partners XI, L.P
its general partner |
|
| | | |
By: Bain Capital Investors, LLC
its general partner |
|
| | | |
By:
/s/ Kenneth Hanau
Name: Kenneth Hanau
Its: Partner |
|
Investor
|
| |
Company
Common Rollover Shares |
| |
Subscribed Topco
Common Units |
| |
Agreed Upon
Value Per Subscribed Topco Common Units |
| |||||||||
BCPE Diamond Investor, LP
200 Clarendon Street Boston, MA 02116 |
| | | | 78,761,387 | | | | | | 30,761,913 | | | | | $ | 20.07 | | |
Investor
|
| |
Company
Preferred Rollover Shares |
| |
Subscribed Topco
Preferred Units |
| |
Per Subscribed Topco
Preferred Unit Purchase Price |
| |||||||||
BCPE Diamond Investor, LP
200 Clarendon Street Boston, MA 02116 |
| | | | 54,209,184(1) | | | | | | 437,750(2) | | | | | $ | 970.87(3) | | |
| | | | Very truly yours, | | |||
| | | | EVERCORE GROUP L.L.C. | | |||
| | | | By: | | |
/s/ Ray Strong
Ray Strong
Senior Managing Director |
|
| | | | By: | | |
/s/ E. Thomas Massey
E. Thomas Massey
Senior Managing Director |
|
Exhibit 107
Calculation of Filing Fee Tables
Schedule 14A
(Form Type)
Diversey Holdings, Ltd.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee Rate |
Amount of Filing Fee | |
Fees to be Paid | $ 2,636,353,316.24(1) | 0.00011020 | $ 290,526.14(2) |
Fees Previously Paid | $ — | $ — | |
Total Transaction Valuation | $ 2,636,353,316.24 | ||
Total Fees Due for Filing | $ 290,526.14 | ||
Total Fees Previously Paid | $ — | ||
Total Fee Offsets | $ — | ||
Net Fee Due | $ 290,526.14 |
(1) | Aggregate number of securities to which transaction applies: As of March 31, 2023, the maximum number of the Registrant’s ordinary shares to which this transaction applies is estimated to be 329,650,466, which consists of (1) 236,983,211 ordinary shares held by BCPE Diamond Investor, LP, (“BCPE”) entitled to receive $7.84 per ordinary share in connection with the transaction; (2) 87,580,048 ordinary shares entitled to receive $8.40 per ordinary share in connection with the transaction; and (3) 5,087,207 ordinary shares underlying outstanding restricted share units and performance share units, which are entitled to receive $8.40 per ordinary share in connection with the transaction (subject, in some cases, to time-based vesting). |
(2) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Estimated solely for the purposes of calculating the filing fee, as of March 31, 2023, the underlying value of the transaction was calculated based on the sum of (1) the product of 236,983,211 ordinary shares held by BCPE and the per share merger consideration of $7.84 applicable to such shares; (2) the product of 87,580,048 ordinary shares not held by BCPE and the per share merger consideration of $8.40 applicable to such shares; and (3) the product of 5,087,207 ordinary shares underlying outstanding restricted share units and performance share units and the per share merger consideration of $8.40 applicable to such units (subject, in some cases, to time-based vesting). In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the sum calculated in the preceding sentence by .0001102. |