International. Solenis, a manufacturer of specialty chemicals used in water-intensive industries, completed the acquisition of Diversey Holdings, Ltd., effective July 5, in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. Diversey is a supplier of hygiene, infection prevention and cleaning products and technology.

With the acquisition, Solenis has grown to become a company operating in more than 130 countries with 71 manufacturing plants and more than 15,000 employees. Based in Wilmington, Delaware, Solenis was acquired by Platinum Equity in 2021. Bain Capital, the majority shareholder of Diversey, will have a minority stake in Solenis as a result of this transaction.

"This merger makes Solenis a more diversified company with significantly greater scale, broader global reach and the ability to offer a suite of 'one-stop-shop' solutions that meet customer demand and address water management, cleaning and hygiene issues globally," said John Panichella, CEO of Solenis. "Together, we have a foundation from which we can continue to leverage our strong customer partnerships, cutting-edge innovation and value-added services to drive Solenis' aggressive growth trajectory. With Platinum Equity's continued support, we are confident that we will maximize the promising opportunities ahead."

Panichella said the addition of the Diversey line of cleaning and hygiene products and technologies helps create cross-selling opportunities that will make Solenis an even more valuable partner for its customers. "We now have much better capabilities to help our customers tackle critical sustainability challenges, reduce their environmental impact and help create a cleaner and safer world," he said.