The business combines two leading companies in the sector in adjacent and highly complementary markets
WILMINGTON, Del., July 6, 2023 /PRNewswire/ -- Solenis, a leading manufacturer of specialty chemicals used in water-intensive industries, has completed the previously announced acquisition of Diversey Holdings, Ltd., beginning July 5, in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. Diversey is a leading provider of hygiene, cleaning and infection prevention technologies and solutions.
With the acquisition, Solenis has grown into a company that operates in more than 130 countries, with 71 factories and more than 15,000 employees. Headquartered in Wilmington, Delaware, Solenis was acquired by Platinum Equity in 2021. Bain Capital, Diversey's majority shareholder, will retain a minority stake in Solenis as a result of this transaction.
“This merger makes Solenis a more diversified company with a significant increase in size, a broader global reach and the ability to offer a centralized set of solutions that respond to customer demand and globally address customer management issues. water, cleanliness and hygiene,” said John Panichella, CEO of Solenis. Together, we have a foundation from which we can continue to leverage our strong customer partnerships, cutting-edge innovation, and value-added services to fuel Solenis' strong growth trajectory. With the continued support of Platinum Equity, we are confident that we will maximize the promising opportunities that lie ahead."
Panichella said 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 to its customers. “We now have vastly enhanced capabilities to help our customers address critical sustainability challenges, reduce their environmental impact, and help create a cleaner, safer world,” she said.
“This is a transformative opportunity to bring together two innovative companies that have been developing solutions to many of the world's most pressing challenges for more than 100 years,” said Jacob Kotzubei, Co-Chairman of Platinum Equity. "By joining forces, they are better positioned to accelerate the pace of progress in a broader range of fast-growing end markets."
“We are excited to create a larger and broader platform that will allow Solenis even more growth opportunities, both organically and through additional acquisitions in core and adjacent markets in the future,” added Nathan Eldridge, CEO. from Platinum Equity.
Consultants BofA Securities, Goldman Sachs and Piper Sandler provided financial advice to Solenis during the transaction. Gibson, Dunn
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