Platinum Equity-backed Solenis entered into a definitive agreement to acquire Bain Capital-backed US-based specialty chemicals company Diversey at an enterprise value of around $4.6 billion. The deal would return Diversey to private hands just two years after its public listing.
WHO: For 95 years, the Diversey brand has become synonymous with product quality, service, and innovation, delivering hygiene, infection prevention, and cleaning solutions.Their fully integrated suite of products combines patented chemicals, dosing and dispensing equipment, cleaning machines, services, and digital analysis. The company serves more than 85,000 customers in over 80 countries with a network of approximately 8,600 employees globally.
Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, including the pulp, packaging paper and board, tissue and towel, oil and gas, petroleum refining, chemical processing, mineral processing, biorefining, power, municipal, and pool and spa markets. The company’s product portfolio includes a broad array of water treatment chemistries, process aids and functional additives, as well as state-of-the-art monitoring and control systems. Headquartered in Wilmington, Delaware, the company has 49 manufacturing facilities strategically located around the globe and employs over 6,500 professionals in 130 countries across six continents.
IN THEIR OWN WORDS: “The merger presents a unique opportunity to enhance value and create a more diversified business with increased scale, broader global reach, and superior customer service capabilities. It will enable the combined company to grow and provide a number of attractive cross-selling opportunities, including meeting increasing customer demand for water management, cleaning and hygiene solutions,” said Phil Wieland, CEO of Diversey.
“This is a strategic combination of two leading global products, services, and technologies providers with proven track records of product innovation who offer truly differentiated solutions to customers,” said John Panichella, Solenis CEO. “In combining these two complementary businesses, we expect to usher in a new and exciting chapter in our long history of helping customers tackle core challenges such as water and energy management, partnering on sustainability issues to work towards a cleaner, safer world, and reducing environmental impacts. With continued support from Platinum Equity and now Bain Capital, we are confident that we’ll maximize the opportunities ahead.”
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