Solenis, a leading global producer of specialty chemicals, was acquired by Platinum Equity from Clayton, Dubilier & Rice (CD&R) and BASF in a transaction worth $5.25 billion. Both CD&R and BASF have fully exited Solenis.
In addition, as part of the acquisition, Solenis has merged with Sigura Water, an existing Platinum Equity portfolio company, for a total combined transaction value of approximately $6.5 billion. The combined company generates approximately $3.5 billion in revenue.
Headquartered in Wilmington, Delaware, Solenis supplies innovative specialty chemicals and services for process, functional and water treatment applications. Founded in 1907, its service-intensive business model relies on more than 1,300 highly trained sales technicians operating on-site at customer locations around the world. With this merger, Solenis is expanding its portfolio to include the residential and commercial pool water and spa treatment markets of Sigura.
Solenis CEO John Panichella will lead the combined company following the transition and integration. Robert Baird, CEO of Sigura, remains as president of the new Pool Solutions division at Solenis.
“This exciting new transition to Platinum Equity helps us expand the Solenis legacy started more than a century ago,” says Panichella. “With increasing demand for a world that’s safer, healthier and more sustainable, Solenis is well-positioned to continue driving sustainable solutions — and delivering measurable results — for our customers.”
“Both the Sigura and Solenis teams have been working hand-in-hand planning our integration,” Baird says. “Although we have diversity in our end markets, it is exciting to note the similarities in our company cultures. During the next few months, we will remain focused on serving our customers while completing our integration. We are planning a smooth transition with no customer impact. I look forward to joining the Solenis leadership team, and working with John and his team to strengthen our businesses together.”