Speciality chemicals manufacturer Solenis has agreed to buy cleaning, infection prevention and hygiene giant Diversey. The $4.6 billion all-cash deal should be completed in 2H, subject to approval by Diversey shareholders, and will remove Diversey from public ownership. Both boards have backed it.

Solenis has completed the acquisition of Lima-based Grand Invest Group, including all its production assets. This is the fifth add-on acquisition since Platinum Equity acquired Solenis itself in 2021, with more potentially to come. Terms were not disclosed.

Solenis has agreed to acquire the paper process chemicals business of Kolb Distribution, a unit of KLK Kolb. Terms were not disclosed.The deal includes a long-term supply agreement, in which KLK Kolb will manufacture paper process chemicals exclusively for Solenis.

This is the fourth acquisition made by Solenis since Platinum Equity acquired it last year. The two firms will operate independently until closing, which is expected to be by the end of Q1 2023, subject to regulatory approval and customary closing conditions.

As rumoured last month, BASF and private equity investor Clayton, Dubilier & Rice (CD&R) have exited their joint ownership of paper and water treatment chemicals company Solenis, by selling it to Platinum Equity. Solenis will be merged with Platinum’s existing subsidiary Sigura, creating a player in water treatment with $3.5 billion/year in sales.