GOJO Industries Explores Sale, Valuation Could Reach $20 Billion

GOJO Industries, the manufacturer of the hand sanitizer brand Purell, is exploring various strategic options, including a potential sale of the entire company or the divestment of a minority stake. If a deal is reached, the valuation of this privately held company could approach 20 billion dollars.

Sources familiar with the matter revealed that GOJO is in discussions with private equity firms and has engaged the investment bank Harris Williams to facilitate the process. These sources, who requested anonymity due to the confidential nature of the discussions, cautioned that the talks are still in the early stages and there is no guarantee that any transaction will be finalized.

In a statement, GOJO expressed that over the past few years, the company has achieved remarkable performance. The company is currently exploring various growth opportunities to expand its mission, the Purell brand, and its innovative market solutions to a broader audience and regions. As part of this exploration, GOJO is seeking the best way to secure financial support for a promising future.

Harris Williams declined to comment on the matter.

In 2023, the Lippman-Kanfer family, which controls GOJO, attempted to sell the company based in Akron, Ohio. At that time, the company received acquisition offers from private equity firms and other companies, but the bids did not meet their expectations. The closest to reaching a deal was Koch Industries' Georgia-Pacific.

Ultimately, GOJO opted to secure a 500 million dollar new debt from Silver Point Capital's direct lending arm, Silver Point Finance. This funding was used to repay existing debt and support investments and operations.

During the COVID-19 pandemic, the demand for hand sanitizers surged, but sources indicated that GOJO's financial situation has since returned to normal levels.

Founded in 1946, GOJO was established when Goldie Lippman, a rubber factory worker, and her husband Jerry, along with chemistry professor Clarence Cook, invented the world's first "one-step no-rinse hand cleaner." The company later expanded into the skincare sector and launched the alcohol-based hand sanitizer brand Purell in 1988. Purell entered the consumer market in 1997.

GOJO's product line includes soaps, wipes, and surface disinfectant sprays, catering to both consumers and businesses. Purell products are widely used in schools, hospitals, and sports venues around the world.