JohnsonDiversey Inc., Sturtevant, Wis., and Clayton Dubilier & Rice Inc. (CD&R), New York, announced an agreement under which a CD&R-managed fund will invest $477 million for a 46 percent equity interest in the company as part of a broader recapitalization transaction valued at $2.6 billion.

The company will also adopt a new corporate identity and simplify its name to Diversey Inc. Along with this change, several of the company's channel brands, including Butchers and Johnson Wax Professional will be integrated under the brand Diversey.

The recapitalization will provide the company with the financial flexibility to accelerate growth in the global commercial cleaning and hygiene market. In addition to the CD&R fund investment, the transaction contemplates a debt financing package of approximately $1.9 billion.

Under the terms of the agreement, the Johnson Family of Racine, Wis., will retain 50 percent ownership in the company, and S. Curtis Johnson will remain chairman. CD&R Operating Partner James G. Berges will serve as chairman of the executive committee. Unilever will also retain a 4 percent ownership interest in the company. JohnsonDiversey will continue under separate agreements to sell and distribute into the commercial market certain Unilever and S.C. Johnson & Son Inc. consumer-branded products.

JohnsonDiversey has been one-third owned by Unilever NV since its acquisition of DiverseyLever in 2002. As part of the 2002 acquisition, JohnsonDiversey agreed to purchase all or part of Unilever's ownership at a future date.