Platinum Equity Completes Acquisition of Lonza Water Care Business
Global investment firm, Platinum Equity, has purchased a water care business from Lonza for $630 million.
LOS ANGELES, March 01, 2019 (GLOBE NEWSWIRE) — Platinum Equity today announced it has completed the acquisition of Lonza’s water care business in a transaction valued at approximately $630 million.
Headquartered in Alpharetta, GA, the water care business is a leading provider of innovative water treatment solutions. The company maintains six production facilities throughout North America, South America, and EMEA, and sales locations in all major regions globally. It features top consumer brands in the residential pool care market and key positions in high-growth industrial water care markets.
Platinum Equity is a leading global private equity firm with a highly specialized focus on business operations and more than 20 years’ experience acquiring and operating businesses that have been part of large corporate entities. The firm has said it believes the water care business is a strong platform for growth thanks to its market position and track record for innovation.
Following the transfer of ownership and transition to operating as a standalone company, the water care business will create a new corporate identity that will be announced in the months ahead. No changes are expected to the company’s underlying consumer product brands.
Gibson, Dunn & Crutcher LLP served as legal advisor to Platinum Equity on the acquisition of Lonza’s water care business.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.
About the Water Care Business
The water care business acquired from Lonza is one of the world’s leading suppliers of sanitizers and other water treatment chemicals. It is organized into two business segments: Residential Water offers water care products and value-added services for residential pools and spas and is a global leader in all consumer channels including Mass Retail and Professional Dealer (Pro Dealer), which includes Dealer Direct, Branded Distribution, and Repack and Private Label (RPL). Industrial, Commercial, Municipal and Surface Water (ICMS) offers chemicals, services and solutions globally that address commercial swimming pools, drinking water, process water, wastewater, irrigation, surface water and industrial applications.
