Bain Capital Private Equity, a global private investment firm, has agreed to pay about $3.2 billion to Sealed Air Corp. for the company’s Diversey Care division and its food hygiene and cleaning business within the Food Care division (together “New Diversey”). Diversey Care and the related food hygiene business combined had net sales of about $2.6 billion in 2016.

Charlotte-based Sealed Air expects to use the proceeds of the sale to repay debt and maintain its net leverage in the ratio of 3.5 to 4.0 times, repurchase shares to minimize earnings dilution, and fund core growth initiatives, including potential complementary acquisitions to its Food Care and Product Care divisions.

“New Sealed Air, a leading provider of food, product and medical packaging solutions, will continue to focus on accelerating profitable growth and generating strong cash flow through end market opportunities and the global adoption of new products and solutions,” said Jerome A. Peribere, president and chief executive officer of Sealed Air, when the deal was announced March 27.

The companies expect the transaction to close in the second half of the year. Sealed Air will report the operations of New Diversey as discontinued operations beginning in the first quarter of 2017. Sealed Air tentatively expects to report first-quarter results on May 9.

New Diversey will be a hygiene and cleaning systems company that integrates chemicals, floor care machines, tools and equipment. The company will offer a range of technology-based value-added services, food safety services, and water and energy management.

“Diversey has a long track record of leadership in the hygiene and cleaning solutions market on a global basis,” said Ken Hanau, a managing director at Bain Capital Private Equity. “We are excited to partner with the talented team at Diversey to grow across key market verticals and geographies while investing in innovative hygiene solutions. Bain Capital’s integrated global platform and strong growth orientation are well aligned with the strategic vision for Diversey.”