Platinum Equity to buy specialty chemicals maker Solenis in $5.25 bln deal

Billionaire Tom Gores' private equity firm Platinum Equity said on Tuesday it would buy specialty chemicals maker Solenis in a deal valued at $5.25 bln, including debt, and merge it with Sigura Water, a company it bought in 2019. Platinum Equity will acquire Solenis from Clayton, Dubilier & Rice and BASF.

Billionaire Tom Gores' private equity firm Platinum Equity said on Tuesday it would buy specialty chemicals maker Solenis in a deal valued at $5.25 bln, including debt, and merge it with Sigura Water, a company it bought in 2019.

Platinum Equity will acquire Solenis from Clayton, Dubilier & Rice and BASF. The German chemicals giant BASF holds a 49% stake in Wilmington, Delaware-headquartered Solenis. By merging Solenis, which is more than a century old, and Sigura Water, Platinum Equity seeks to scale up the latter's water-treatment products and supply chemicals to food packaging and paper industries.

Solenis chief executive John Panichella will lead the combined company. "The combination will help accelerate our growth and provide us access to additional resources and expanded market opportunities," Sigura chief executive Robert Baird said in a statement.