Solenis

Investment Thesis

• Global leader in growing and fragmented markets
• “Mission-critical” services, driving recurring revenue
• Attractive financial characteristics

Investment Overview

In September 2021, NBPE co-invested alongside Platinum Equity in Solenis, an industry leading provider of chemicals and services to water intensive industries. The company has a differentiated portfolio of products and services including a broad array of water treatment & process chemistries, functional additives, and monitoring and control systems. Solenis’ mission-critical solutions are used to drive efficiencies, enhance product quality, protect plant assets, minimise environmental impact and maintain healthy water. The company employees approximately 6,300 people around the world.

The Manager was attracted to the opportunity to invest in Solenis due to its market leading capabilities in a fragmented market, it’s “mission-critical” services, and attractive financial characteristics – including strong recurring revenue and good free cash flow conversion. In addition, NBPE invested alongside Platinum Equity, a leading private equity manager focused on value buying, operational improvements and downside protection. In the first 12 months of Platinum’s ownership, Solenis expected to complete five bolt-on acquisitions, all at accretive values.