Solenis, a manufacturer of specialty chemicals used in water-intensive industries, has completed its acquisition of Diversey, effective 5 Jul 2023, in an all-cash transaction valued at an enterprise value of approximately $4.6bn. Diversey is a provider of hygiene, infection prevention and cleaning products and technology.
Headquartered in Wilmington, Delaware, US, Solenis was acquired by Platinum Equity in 2021. Bain Capital, the majority shareholder of Diversey, will hold a minority stake in Solenis as a result of this transaction.
“This merger makes Solenis a more diversified company with increased scale, broader global reach and the ability to offer a ‘one-stop shop’ suite of solutions that meet customer demand and address water management, cleaning and hygiene issues on a global basis,” said John Panichella, Solenis CEO. “Together, we can continue to leverage our customer partnerships, innovation and value-added services to propel Solenis’ growth trajectory.”
Panichella added that the addition of the Diversey line of cleaning and hygiene products and technologies help create cross-selling opportunities that will make the group a more valuable partner for its customers. “We have enhanced capabilities to help customers tackle sustainability challenges, reduce environmental impact and help create a cleaner, safer world,” he said.
Platinum Equity co-president Jacob Kotzubei added, “By joining forces, they are better positioned to accelerate progress across a range of high-growth end markets.”