Arxada, the former Lonza Specialty Ingredients (LSI), has agreed to merge with Troy Corporation in a move that will make a major force in antimicrobials. Private equity funds Bain Capital and Cinven, which bought LSI from Lonza in July, will be the majority owner, with Troy’s owners also investing. No further financial details were disclosed.
Lonza has completed the carve-out of its Lonza Specialty Ingredients, as announced in February. The business, temporarily known as LSI, will be relaunched shortly under a different name. It is now owned by Herens HoldCo, an entity controlled by private equity firms Bain Capital and Cinven, who acquired it for an enterprise value of CHF 4.2 billion.