Platinum Equity To Acquire Water Treatment Company Solenis For $5.25 Billion

July 13, 2021

Willkie served as debt financing counsel to Platinum Equity in its deal to acquire Water Treatment Company Solenis from Clayton, Dubilier & Rice and BASF.

On July 6, Willkie client Platinum Equity announced that it has signed a definitive agreement to acquire Solenis, a leading global producer of specialty chemicals used in water-intensive industries, from Clayton, Dubilier & Rice (CD&R) and BASF in a transaction that implies an enterprise value for Solenis of $5.25 billion. Willkie served as debt financing counsel to Platinum Equity.

As part of the transaction, Solenis is expected to merge with Sigura Water, an existing Platinum Equity portfolio company the firm acquired in 2019, for a total combined transaction value of approximately $6.5 billion. The combined company is expected to generate approximately $3.5 billion of revenue and serve a diverse range of customers around the world in consumer, industrial and pool water treatment markets.

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.

Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world.

The deal is being handled by partners Cristopher Greer, Joshua Deason, Jason Pearl and Jennifer Tait, and associate Julie Ann Rosenberg.