Specialty chemical manufacturer Solenis, a portfolio company of Platinum Equity, has completed its acquisition of Diversey.
The all-cash deal, valued at an enterprise value of approximately US$4.6 billion, was announced earlier this year, subject to customary closing approvals.
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.
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 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,” said John Panichella, CEO, 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 stated 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.
Platinum Equity Co-President Jacob Kotzubei, said the acquisition is a transformational opportunity to bring together two innovative companies.
“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, said the organisation is 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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