AGIC-backed Ritedose preps sale, CD&R exits Solenis at $5.25b EV, Ex-Lindsay Goldberg partner launches firm

AGIC's Ritedose readies sale and CD&R exits Solenis at $5.25 billion enterprise valuation.

Happy Tuesday!

We are back with your daily rundown on private equity news and here are some deals that made headlines.

The big exits: Just in, CD&R is selling Solenis, a global chemical provider to water treatment industries, to Platinum Equity for $5.25 billion.

As part of the transaction, Solenis will merge with Sigura Water, an existing Platinum Equity portfolio company acquired in 2019, for a total combined transaction value of ~$6.5 billion. The combined company is expected to generate ~$3.5 billion of revenue and serve a diverse range of customers around the world in the consumer, industrial and pool water treatment markets, according to the press release posted on PE Hub.

Elsewhere, KPS yesterday announced the sale of industrial components manufacturer DexKo to Brookfield Business Partners for $3.4 billion.

Under the four-year-long ownership, the Michigan-based vehicle part maker completed 15 acquisitions. Over $600 million was invested to broaden the company’s product offering and expand the geographic, end-market and channel reach, according to the press release.

Goldman Sachs led the sale process supported by Credit Suisse and J.P. Morgan Securities as financial advisors. Read the brief on PE Hub.

Healthcare scoop: Ritedose, owned by AGIC Capital and Humanwell Healthcare, recently hired William Blair to run an auction. While the process hasn’t launched, buyout firms are likely to bid for the pharma company, sources told PE Hub.

Founded in 1995, Ritedose is a contract development manufacturer focusing on respiratory and ophthalmic products. The pharmaceutical company specializes in blow-fill-seal technology, where a container is formed, filled, and sealed in a continuous, highly automated process inside a sterile enclosed machine in a “clean room” facility.

AGIC, an Asian-European private equity firm, and Humanwell Healthcare, a China-based healthcare solutions provider, bought the business for $605 million in September 2017 from Olympus Partners.

Read Sarah Pringle’s story on PE Hub to get specifics on the potential sale.

New on the block: Chris Laitala, a Lindsay Goldberg partner left the firm to set up his own private equity shop called Avesi Partners in February, Buyouts has learned.

Laitala’s firm focuses on lower mid-market companies in healthcare services, healthcare tech and business services – sectors he specialized in at Lindsay Goldberg and other PE firms. He departed Lindsay Goldberg early this year, sources said.

Though less than six months old, Avesi is already in the market with its inaugural offering.

Read about the debut fund on Buyouts.

That’s it for me! As always hit me up with your questions, feedback and gossip at karishma.v@peimedia.com

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