Diversey Holdings Ltd., an provider of cleaning and hygiene products backed by Bain Capital, has merged with Solenis, a producer of chemicals focused on sustainable services for water-intensive industries and a portfolio company of Platinum Equity.

Solenis acquired Diversey in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. Upon completion of the merger, Diversey will become a private company. Solenis CEO John Panichella will lead the combined company following the transition and integration.

“This is a strategic combination of two leading global products, services, and technologies providers with proven track records of product innovation who offer truly differentiated solutions to customers,” comments Panichella. “In combining these two complementary businesses, we expect to usher in a new and exciting chapter in our long history of helping customers tackle core challenges such as water and energy management, partnering on sustainability issues to work towards a cleaner, safer world, and reducing environmental impacts.”

Evercore is serving as financial advisor to the special committee and Wachtell, Lipton, Rosen & Katz is serving as the special committee’s legal counsel. J.P. Morgan Securities LLC and Centerview Partners LLC are serving as financial advisors to Diversey on the transaction. Kirkland & Ellis LLP is providing legal counsel to Bain Capital and Diversey. BofA Securities, Goldman Sachs and Piper Sandler are serving as financial advisors to Solenis on the transaction. Gibson, Dunn & Crutcher LLP is providing legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Platinum Equity and Solenis. BofA Securities and Goldman Sachs are leading the debt financing for the acquisition.