The Carlyle Group agreed on Tuesday to buy a Japanese sanitation business from Sealed Air, known for its Bubble Wrap brand, for $377 million.
Under the terms of the deal, Carlyle will acquire Diversey Japan, which provides cleaning and hygiene products and services to customers in the Asian market. The Japanese unit had sales of around $321 million for the 12 months through Sept. 30, according to a company statement.
“With its competitive line-up of products and solutions as well as its strong sales network, we believe the company will continue its significant growth in the future,†Tamotsu Adachi, co-head of Carlyle's Japan buyout group, said in a statement.
The deal for the Japanese business is the latest in a flurry of acquisitions by the buyout giant. In August, Carlyle said it would buy Getty Images, the big provider of high-quality images and video, for $3.3 billion. The firm also agreed to the takeover of the TCW Group, a Los Angeles-based inv estment manager, from Société Générale of France.
The sale of Diversey Japan comes just over a year since Sealed Air bought privately held Diversey Holdings in a $4.3 billion deal to expand the packaging company into commercial cleaning and sanitation.
Carlyle's latest deal is expected to close by the end of the year.
