KPS Capital Partners, LP announced that, through a newly formed affiliate, it has entered into a definitive agreement to acquire INEOS Composites from INEOS Enterprises Holdings II Ltd for consideration estimated at approximately €1.7 billion upon completion of the transaction. The transaction is expected to close in the first half of 2025, subject to regulatory approvals and consultation processes.
INEOS Composites is a leading global manufacturer of unsaturated polyester resins, vinylester resins and gelcoats used in the production of plastic composites for a wide range of applications in major global end markets including building materials, leisure, transportation and wind energy, among others. INEOS Composites sells a wide range of resins that enable customers to optimise specific product characteristics including corrosion resistance, flame retardancy, UV resistance, water and chemical resistance, thermal and electrical insulation, impact and scratch resistance, and high strength-to-weight ratios. Headquartered in Dublin , Ohio and Barcelona, Spain, INEOS Composites employs approximately 900 people and operates 17 manufacturing sites and three technology centres in North and South America, Europe , Asia and the Middle East.
Raquel Vargas Palmer , Managing Partner of KPS, said: “We are delighted to acquire INEOS Composites, one of the world’s leading manufacturers of specialist composite resins. The company’s market leadership position and long-standing customer base are testament to its product quality, reliability and strong technical service capabilities. We will leverage KPS’s decades of successful investment in process industries, together with our commitment to manufacturing excellence and global network, to drive profitability and create a company culture focused on innovation, continuous improvement and superior customer experience. We look forward to working with CEO Andrew Miller and the INEOS Composites team to accelerate the company’s value creation opportunities.”
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Andrew Miller , Managing Director of INEOS Composites, said: “We are looking forward to our future as an independent business under the KPS umbrella. KPS is an ideal partner given its track record of building and growing world-class industrial businesses. KPS’ commitment to manufacturing excellence, capital investment and research and development, combined with its global platform and significant capital resources, will strengthen our ability to provide our customers with industry-leading products and superior service.”
Ashley Reed , Chairman of INEOS Enterprises, said: “Composites has been part of INEOS Enterprises for five years, during which time it has delivered significant improvements in safety and financial performance. In addition, it has strengthened its market position by improving product quality and consistency and strengthening its operational and commercial capabilities, providing a strong foundation for continued future growth.”
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to KPS. Piper Sandler acted as financial advisor and Slaughter and May acted as legal advisor to INEOS Enterprises. Goldman Sachs Bank USA , Barclays, Citi, Intesa Sanpaolo – IMI CIB Division and MUFG Bank have committed to provide debt financing for the transaction.
SOURCE: PRNewswire