Bain Capital and Cinven announced today their intention to appoint Marc Doyle as CEO of Lonza Specialty Ingredients (‘LSI’), immediately upon completion of the acquisition of LSI from Lonza AG, which is expected to occur early in the second half of 2021.
Marc is a highly experienced executive in the chemicals industry, with many years of experience of managing global specialty chemicals businesses. He was previously CEO of DuPont, one of the world’s largest chemicals groups, and before that COO of DuPont’s Specialty Products Division, where he ran an extensive portfolio across multiple end-markets and achieved strong growth across those business units.
Marc joined DuPont as a research engineer and subsequently held various positions across new business development, marketing, strategy, and management. Marc has a PhD in Chemical Engineering from the University of California at Berkeley, and BSc in Chemical Engineering from the University of Virginia.
Marc will relocate to the future headquarters of LSI in Basel, Switzerland.
Marc Doyle commented: “I am excited to join LSI and to take over the CEO role once the transaction is completed. LSI is a very strong specialty chemicals business, as a global leader in its markets, and with enormous potential as an independent company under new ownership. I am looking forward to working closely with Bain Capital and Cinven, and with all of the LSI team, to deliver on that opportunity in the months and years ahead”.
Pontus Pettersson, Partner at Cinven, added: “Cinven is very pleased that a CEO of Marc’s calibre and depth of experience will join LSI; his expertise from across the specialty chemicals industry will add great value to LSI as he leads and implements the company’s growth strategy.”
David Danon, Managing Director at Bain Capital, said: “Marc is a world-class leader in specialty chemicals who will be instrumental in leading LSI to achieve its full potential, by reinforcing its market position, accelerating growth through investments in innovation, and leading further industry consolidation.”
Bain Capital and Cinven entered into definitive transaction agreements with Lonza AG for the acquisition of Lonza Specialty Ingredients in February 2021. The transaction remains subject to customary closing conditions, and is expected to complete over the course of summer 2021.
Bain Capital and Cinven’s strategy for LSI is to strengthen the company’s market position across both Microbial Control Solutions (MCS) and Specialty Chemical Services (SCS), to accelerate growth including through further investment in R&D, and to use LSI as a platform for further M&A. Bain Capital and Cinven are committed to growing their businesses responsibly, and recognise the importance of the environmental, regulatory and local stakeholder responsibilities of LSI. They also intend to maintain the strong collaboration between LSI and Lonza AG until completion and afterwards.