Solenis to buy Diversey in major water treatment merger

The specialty chemical firm Solenis has agreed to purchase Diversey for $4.6 billion. Both firms serve the water treatment industry: Solenis makes and sells chemicals with an emphasis on industrial applications; Diversey provides equipment and services, as well as some chemicals, with a focus on cleaning, food, and beverages. The transaction will nearly double Solenis’s sales. Platinum Equity acquired Solenis from BASF and another private equity firm in 2021. At the time, Solenis said that it had annual sales of about $3.5 billion. Diversey reported sales of $2.6 billion in 2021. The deal will mark the end of its relatively short and rocky run as an independent company. Diversey was formed in 2017, when Bain Capital purchased Sealed Air’s food, beverage, and water business. The firm reported 3 years of consecutive net losses through 2021.