The Diversey Care division and the food hygiene and cleaning business, known as 'New Diversey', will employ 8,600 people globally.
The sale is expected to close in the second half of 2017 subject to regulatory approvals.
It includes an offer to acquire parts of Diversey's business in France and the Netherlands.
New Diversey will be a hygiene and cleaning company that integrates chemicals, floor care machines, tools and equipment, with technology based and food safety services as well as water and energy management.
Diversey Care and the food hygiene businesses combined generated net sales of $2.6bn in 2016.
Diversey track record
Ken Hanau, a managing director at Bain Capital Private Equity, said Diversey has a proven track record in the global hygiene and cleaning market.
“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,” he said.
“Bain Capital’s integrated global platform and strong growth orientation are well aligned with the strategic vision for Diversey.”
Sealed Air said last year that it planned to spin-off Diversey Care and the related hygiene business by the second half of 2017.
It sold Diversey Japan to the Carlyle Group for $377m to focus on higher growth markets in 2012.
The firm bought Diversey, which serves brewers, beverage bottlers, dairies and food processors, for $4.3bn in 2011.
More M&A plans for Sealed Air?
Sealed Air said it expects to use the proceeds to repay debt and fund growth initiatives, including potential acquisitions to go with its Food Care and Product Care divisions.
Jerome Peribere, president and CEO, said Sealed Air will focus on accelerating growth and generating strong cash flow through end market opportunities.
“Sealed Air’s advanced product portfolio is designed to reduce waste, conserve resources and provide product security, and deliver unique and measurable value to customers and the planet.”
Peribere said he was pleased Diversey had a partner to support future growth and drive expansion.
“Diversey Care and its related hygiene business has built an impressive innovation pipeline that includes the Internet of Clean, robotics and AHP disinfection technologies, revamped its go-to-market strategy and significantly improved profitability.”