Solenis completes Diversey buy
Solenis has completed the previously announced acquisition of Diversey in an all-cash deal that gives Diversey an enterprise value of about $4.6 billion. The combined firm will have 71 manufacturing facilities, more than 15,000 employees and operations in over 130 countries. It will be majority-owned by Platinum Equity, with Bain Capital, which owned Diversey, keeping a minority stake.
CEO John Panichella said that this “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”. Considerable cross-selling opportunities are expected.
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