KPS Capital Partners, LP (KPS) (New York, New York, USA) announced that, through a newly formed affiliate, it has signed a definitive agreement to acquire INEOS Composites (Dublin, Ohio, USA) from INEOS Enterprise Holdings II Ltd for an estimated consideration of approximately €1.7 billion (~$1.8 billion). Completion of this transaction is expected in the first half of 2025 subject to regulatory approvals and consultation practices (in particular, with respect to the French business, for which the parties have entered into exclusive negotiations).
INEOS Composites is a leading global manufacturer of unsaturated polyester resins, vinyl ester resins, and gelcoats used in the production of plastic composites for a wide range of application across large global end-markets, including building materials, recreation, transportation, and wind energy, among others. INEOS Composites sells a broad range of resins that allow customers to optimize certain characteristics of their products, including corrosion resistance, fire retardance, ultraviolet resistance, water and chemical resistance, thermal and electrical insulation, impact and scratch resistance, and high strength-to-weigh ratios.
Headquartered in Dublin, Ohio, and Barcelona, Spain, INEOS Composites has approximately 900 employees and operates 17 manufacturing facilities and three technology centers across North and South America, Europe, Asia, and the Middle East.
“We are thrilled to acquire INEOS Composites, a leading global manufacturer of specialty composite resins,” says Raquel Vargas Palmer, managing partner of KPS. “The company’s leading market position ad long-tenured customer base is a testament to its differentiated product quality, reliability, and strong technical service capabilities. We will leverage KPS’ successful, multi-decade experience of investing in process industries, along with our commitment to manufacturing excellence and global network, to drive profitability and create an entrepreneurial culture centered on innovation, continuous improvement, and superior customer experience. We look forward to partnering with Chief Executive Officer Andrew Miller and the INEOS Composites team to accelerate the company’s value creation opportunities.”
“We are excited for our future as an independent company under KPS’ ownership,” says Miller of INEOS Composites. “KPS is an ideal partner, given its demonstrated track record of establishing and growing world-class industrial companies. KPS’ commitment to manufacturing excellence, capital investment, and research and development, accompanied by its global platform and significant capital resources, will elevate our ability to provide customers with industry-leading products and superior service.”
“Composites has been part of INEOS Enterprises for the past five years, during which time it has achieved significant improvements in safety and financial performance,” says Ashley Reed, chairman of INEOS Enterprises. “Furthermore, it has solidified its market position through enhanced product quality, consistency, and strengthened operational and commercial capabilities, ensuring a strong foundation for further future growth.”
Source: KPS Capital Partners, LP, via PR Newswire, www.prnewswire.com.