Platinum Equity-Backed Chemical Manufacturer Solenis to Take Bain Capital-Backed Diversey Private for $4.6B
Platinum Equity-owned specialty chemical manufacturing giant Solenis has acquired Diversey Holdings Ltd, a Bain Capital-backed provider of cleaning and hygiene products that went public in 2021, in an all-cash transaction valued at approximately $4.6 billion, including debt.
Wilmington, DE-based Solenis will pay $7.84 per share to Diversey’s main owner, Bain Capital, which will roll over 56% of its stake into an affiliate of Solenis and sell the remainder to Solenis at the same price.
Other shareholders will receive $8.40 per share, which represents a 41% premium on the closing share price on March 7, the last full trading day prior to the announcement.
Solenis CEO John Panichella will lead the combined company. The deal is expected to close in the second half of the year.
Solenis is the result of multiple mergers, when private equity investor Clayton, Dubilier & Rice acquired the water treatment business of Ashland in 2014. The firm merged with BASF’s water-chemicals business in 2019. Two years later, Platinum Equity acquired Solenis and merged it into its existing water treatment subsidiary Sigura to create a player with $3.5 billion in annual sales.
