Two years ago, no one had heard the name Envu before. Today, the company that was born in October 2022 out of the acquisition of Bayer Environmental Science by London-based private equity firm Cinven, is a leading provider of chemical solutions for the professional turf market. And it is getting bigger.
With headquarters in Cary, North Carolina, Envu — short for Environmental Science U.S., LLC — recently reached an agreement to acquire the Global Specialty Solutions segment of Philadelphia-based FMC Corp. for $350 million. The Global Specialty Solutions division of FMC includes its golf turf business. The transaction is expected to close by the end of the year, pending regulatory approval.
Besides golf, FMC's Global Specialty Solutions segment also serves the pest control, lawn and tree care, nursery and greenhouse, vector control and industrial vegetation management sectors.
"We see significant synergies and potential for accelerated innovation from the combination," Gilles Galliou, Envu CEO, said in the news release. "In addition, as the successful outcome of a carveout transaction ourselves, we believe we are the ideal partner to help GSS through this transition and maximize our collective potential."
Jennifer Poore of Envu's communications department told TurfNet that the company anticipates the FMC label for GSS products would be rebranded to Envu at some point as part of the transition, but the company was not ready to share further the details of exactly when that will occur. More details will be available after the acquisition is complete, Poore said.
Late last year, FMC announced plans to explore new strategic options for its Global Specialty Solutions division that includes the golf turf business. The company has since announced that it "no longer has a clear, strategic role in the company's mid- or longer-term goals," and that FMC plans to focus on its core business, which is agricultural crop protection, according to a release announcing the planned sale.
"Global Specialty Solutions is a profitable business with a strong history of growth. We believe this agreement with Envu will provide the attention and resources it needs to continue thriving," Pierre Brondeau, FMC chairman and CEO, said in a news release. "With this divestment, FMC can focus solely on its core business."