USA – American manufacturer of specialty chemicals used in water-intensive industries Solenis has, completed the acquisition of hygiene solutions supplier Diversey in a deal valued at US$4.6 billion.
Diversey develops and delivers hygiene, infection prevention and cleaning products and technology serving more than 85,000 customers in over 80 countries.
The company with a network of almost 9000 employees globally, was until the recent deal, majority owned by Bain Capital, an American private investment firm based in Boston.
As a result of this transaction, Bain Capital, is expected to hold a minority stake in Solenis which is headquartered in Wilmington, Delaware, and was acquired by Platinum Equity in 2021.
Earlier in March when the deal was first made public, Reuters had reported that Diversey’s shareholders will get $8.40 per share in cash, which is about 41% higher than the stock’s closing price on March 7.
Bain Capital, which controlled a 73% stake in Diversey, was to contribute about 56% of its existing equity into Solenis and get $7.84 per share in cash for each share sold.
Led by CEO John Panichella, Solenis is a producer of specialty chemicals, focused on delivering sustainable solutions for water-intensive industries, including pulp, packaging paper and board, tissue and towel, oil and gas, and petroleum refining.
Its product portfolio includes a broad array of water treatment chemistries, process aids and functional additives, as well as monitoring and control systems.
These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, minimize environmental impact and maintain healthy water.
The company has 49 manufacturing facilities strategically located around the globe and employs a team of over 6,500 professionals in 130 countries across six continents.
“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 the acquisition, Solenis has grown to an enterprise operating in over 130 countries with 71 manufacturing facilities and more than 15,000 employees.