Basel, Switzerland—Bain Capital and Cinven have entered into a definitive agreement to acquire Lonza’s Specialty Ingredients (SI) business and operations for a value of CHF 4.2 billion, according to a press release.

“Today’s announcement is the result of a comprehensive and robust selection process.” Lonza’s Chairman, Albert Baehny, said in the release. “Bain Capital and Cinven have shown they understand the value of the experience and expertise of our Specialty Ingredients employees. They presented the most compelling industrial strategy and vision business, they are also keen to prioritize R&D and innovation, as well as to invest in existing facilities to unlock the potential of the business.”

Bain Capital and Cinven showed strong and sustained interest since the beginning of the sale process, the press release notes, “thereby confirming that they are the best home for the business and the right transaction partner for Lonza.” The transaction is expected to close in Q2 2021.

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Lonza’s SI business consists of 17 manufacturing sites globally and approximately 2,800 permanent employees. It provides microbial control solutions for professional hygiene and personal care products, as well as custom development and manufacturing of specialty chemicals and composites to support the electronics, aerospace, good, and agrochemical industries.

Bain Capital and Cinven have “confirmed that high standards of service delivery and quality for customers will remain a priority following closing,” the press release states.

“The sale of the Specialty Ingredients business will allow Lonza to focus on its position as a leading partner to the healthcare industry, and the free cash flows resulting from the sale will allow us to accelerate our strategic priorities,” Baehny added. “We look forward to continuing to collaborate with Bain Capital and Cinven to ensure a seamless transition for customers and employees.”