Solenis and Diversey have entered into a definitive merger agreement under which Solenis will acquire Diversey, a leading provider of hygiene, infection prevention and cleaning solutions.
Solenis and Diversey Holdings, Ltd. announced on 8 March that they have entered into a definitive merger agreement under which Solenis will acquire Diversey in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. Upon completion of the merger, Diversey will become a private company.
Solenis is a leading manufacturer of speciality chemicals used in water intensive industries, which was acquired by Platinum Equity in 2021. Diversey is a leading provider of hygiene, infection prevention and cleaning solutions based in Fort Mill, South Carolina.
“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 Diversey CEO Phil Wieland.
Solenis CEO John Panichella will lead the combined company following the transition and integration.
“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 Panichella. “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 maximise the opportunities ahead.”
The merger is expected to be completed in the second half of 2023, subject to the satisfaction of customary closing conditions.