Clayton, Dubilier & Rice (“CD&R”) today announced an agreement under which its portfolio company, Solenis, will be acquired by Platinum Equity. The transaction, expected to close before the end of 2021, implies an enterprise value for Solenis of $5.25 billion. CD&R and Solenis management currently collectively own 51% of Solenis, and chemical company BASF holds the remaining 49%. Both CD&R and BASF will fully exit Solenis as part of the transaction announced today.
Founded in 1907 and headquartered in Wilmington, Delaware, Solenis is a global leader in supplying innovative specialty chemicals and services for process, functional and water treatment applications to consumer and industrial markets. The company’s global footprint spans across 120 countries and five continents, and comprises over 5,200 employees and 41 manufacturing facilities. The company’s two primary business segments, Consumer and Industrial, deliver solutions that help customers drive sustainability and operational efficiency while reducing costs, and together represent significant growth potential for the business.
CD&R funds acquired a majority stake in Solenis from Ashland, Inc. in a July 2014 transaction that ascribed an enterprise valuation of $1.8 billion to Solenis. In 2019, Solenis merged with BASF’s Paper & Water Chemicals business, creating a leading solutions provider for the pulp & paper and water treatment industries.
Read more/Source: PRNewswire
