Solvay, Ashland complete buys
Two recent acquisitions that are both largely focused in the personal care arena were both completed almost simultaneously. Solvay completed the sale of its amphoteric surfactant business to OpenGate Capital, while Ashland finalised that of the personal care business of Schülke & Mayr from investment firm EQT.
Solvay’s deal covers three main production sites in University Park, Illinois, Genthin, Germany, and Halifax, UK, plus a tolling arrangement in Turkey. It also includes tolling and service agreements between Solvay and OpenGate, a Los Angeles-based private equity firm, “to ensure a seamless transition and minimal customer disruption”. The business has been renamed Verdant Specialty Solutions and its CEO is John Foley.
Solvay said that the sale “will generate additional resources for Solvay to invest in its strategic growth segments as part of its portfolio simplification journey”. Terms were not disclosed.
Ashland, meanwhile, paid €262.5 million for the Schülke & Mayr business, which mainly makes skin care products and preservatives. It said that this “strengthens Ashland’s consumer business portfolio and enhances the company’s specialty additives position while expanding the company’s biotechnology and microbiology technical competencies” and further aligning it with the ‘clean beauty’ trend.
The remainder of Schülke & Mayr remains under the ownership of EQT. This is active in its historic fields of antiseptics for wound care, disinfectants and medical skin care products and preservatives, with production taking place at three sites in Germany, France and Brazil.