Buyer Dossier: Solenis

Buyer Profile

Ownership

Platinum Equity (acquired 2021 for $5.25B)

Headquarters

Wilmington, DE

Combined Platform Revenue

~$3.5B (Solenis + Sigura Water)

Founded

1907

Employees

5,200+

Manufacturing Facilities

41 (120+ countries)

Sales Technicians (Onsite)

1,400+

Website

solenis.com

Key Contacts

Name	Title	Coverage	Email
John Panichella	President & CEO	Strategic direction, portfolio growth	—
Platinum Equity Deal Team	Managing Director	Portfolio M&A mandate	—
Corporate Development	VP, Corp Dev	Adjacency acquisitions	—

Strategic Fit

Solenis is the largest specialty chemicals supplier to the water treatment industry — AquaScience is an operator of the water treatment systems that consume Solenis's products. The vertical integration logic is direct: acquiring AquaScience gives Solenis a captive treatment operation in Wyoming that serves as both a guaranteed chemical consumption channel and a live demonstration environment for customer sales efforts.

Solenis's service model — 1,400+ technicians operating onsite at customer locations — is culturally compatible with AquaScience's hands-on treatment operations. Both companies deploy technical specialists who live inside customer operations day-to-day. The management culture, customer relationship model, and operational intensity are closely aligned.

The Sigura Water acquisition demonstrated Solenis's pattern of acquiring adjacent water treatment businesses to diversify beyond industrial chemicals. AquaScience's industrial and municipal treatment focus in Wyoming's energy and mining sectors further diversifies Solenis's market exposure while maintaining strategic coherence within the water treatment value chain — chemicals supplier to treatment operator.

Approach Strategy

Call Opener: "Solenis makes the chemicals that go into water treatment. AquaScience operates the systems that use them — in Wyoming's energy, mining, and municipal markets. The vertical integration thesis is direct: a captive treatment operation, a live demo site, and a new market with 1,400-technician-model cultural alignment. Platinum Equity knows this playbook."

1

Vertical integration from chemicals to operations. Solenis supplies the specialty chemicals that power water treatment systems. AquaScience runs those systems for Wyoming's industrial and municipal customers. Ownership of the treatment operation locks in chemical consumption while expanding Solenis's revenue model from product-only to product-plus-service.

2

Live demonstration site for Wyoming market development. Solenis's 1,400 onsite technicians sell chemical programs partly by demonstrating efficacy in real treatment environments. AquaScience's Wyoming operations become a captive demo site for customers considering Solenis solutions in energy, mining, and agricultural water treatment — directly supporting new business development.

3

Aligned with Platinum Equity's adjacency acquisition mandate. Platinum Equity acquired Solenis to build a water treatment platform. The Sigura Water combination proved they will acquire adjacent businesses to diversify and strengthen the platform. AquaScience is the logical next move — adding operations capability in a strategic U.S. geography under the same thesis.

Pipeline History

Date	Activity	Contact	Outcome	Status
—	Initial Research & Profile Build	Internal	Dossier compiled	Complete
—	First Outreach	Larry Casey	Pending	Next Step