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Diversey to be acquired by Solenis

Diversey to be acquired by Solenis for $4.6 billion

Solenis and Diversey Holdings have announced they have entered into a definitive merger agreement, in which Solenis will acquire Diversey in an all-cash transaction.

The transaction is valued at an enterprise value of approximately $4.6bn – Diversey will become a private company upon completion of the merger.

Diversey, based in Fort Mill, South Carolina, is a leading provider of hygiene, infection prevention and cleaning solutions. Solenis, headquartered in Wilmington, Delaware, is a leading manufacturer of specialty chemicals used in water-intensive industries. It was acquired by Platinum Equity in 2021.

Phil Wieland, Chief Executive Officer of Diversey, said: “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.”

Solenis CEO, John Panichella, will lead the combined company following the transition and integration. He commented: “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.

“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.”

Eric Foss, Non-Executive Chairman of the Board of Directors of Diversey, added: “This is a merger of two leading businesses that is fully complementary. We believe the transaction creates significant value realisation for our shareholders.”

The merger is expected to be completed in the second half of 2023, subject to the satisfaction of customary closing conditions including approval by Diversey shareholders holding a majority of the outstanding shares of the Company, and receipt of regulatory approvals. Diversey’s ordinary shares will no longer be listed on any public market upon closing of the transaction.

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