WILMINGTON, Del. — Solenis, a manufacturer of specialty chemicals used in water-intensive industries headquartered here, reports it has completed its previously announced acquisition of Diversey Holdings Ltd., a provider of hygiene, infection prevention and cleaning products and technology.
The all-cash transaction was valued at an enterprise value of approximately $4.6 billion.
With the acquisition, Solenis has grown to an enterprise operating in more than 130 countries with 71 manufacturing facilities and more than 15,000 employees.
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 the transaction.
“This merger makes Solenis a more diversified company with significantly 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,” says John Panichella, CEO of Solenis.
“Together, we have a foundation from which we can continue to leverage our strong customer partnerships, leading-edge innovation and value-added services to propel Solenis’ aggressive growth trajectory. With continued support from Platinum Equity, we are confident that we will maximize the promising opportunities ahead.”
Panichella says that the addition of the Diversey line of cleaning and hygiene products and technologies helps create cross-selling opportunities that will make Solenis an even more valuable partner for its customers.
“We now have greatly enhanced capabilities to help our customers tackle critical sustainability challenges, reduce their environmental impact and help create a cleaner, safer world,” he adds.
"This is a transformational opportunity to bring together two innovative companies that have each been developing solutions for many of the world’s most pressing challenges for more than 100 years,” says Platinum Equity Co-President Jacob Kotzubei.
“By joining forces, they're better positioned to accelerate the pace of progress across a wider range of high-growth end markets.”
Platinum Equity Managing Director Nathan Eldridge adds, “We are excited to create a larger, more expansive platform that will enable Solenis with even more opportunities to grow both organically and through additional acquisitions in core and adjacent markets going forward.”
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