NEW YORK–(BUSINESS WIRE)–H.I.G. Capital, a leading global alternative investment firm with $52 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of the distribution segment of Avient Corporation. The business is a leading global distributor of highly engineered thermoplastic resins, additives, and other specialty polymers. The acquired business will operate as an independent entity and will be renamed Formerra.
Formerra supports leading blue-chip customers and suppliers with its extensive engineered polymers portfolio and valued combination of commercial and technical expertise, global market knowledge, and industry-leading logistics and service capabilities. Formerra offers highly specialized technical, processing, design and regulatory support for critical end market applications in the healthcare, consumer, industrial and mobility markets.
Cathy Dodd, Chief Executive Officer of Formerra commented, “H.I.G.’s partnership begins an exciting new chapter for the Company as it is poised to accelerate growth as an independent business. We look forward to continuing to invest in value-added solutions, technical support capabilities, commercial sales, and the digital platform to drive further value for Formerra’s existing and future stakeholders. As partners, we will build on our strengths while staying true to our values by continuing to provide excellent customer service, proven technical and commercial expertise, and solutions-based approaches to complex end-market applications.”
“We look forward to partnering with Cathy and the team of Formerra,” said Robert Jang, Managing Director at H.I.G. “Formerra is the preeminent distributor of engineered materials with a proven track record of success, underpinned by its industry-leading technical service, application development, customer support, and supply chain solutions. H.I.G. shares management’s ambitious growth agenda and we look forward to supporting the team in those endeavors.”
Formerra is the fourteenth platform investment and the eighth corporate carve-out in the chemicals sector completed by H.I.G. since 2008.
Piper Sandler & Co. acted as exclusive financial advisor and Ropes & Gray LLP acted as legal counsel to H.I.G. Capital.
Formerra is a preeminent distributor of engineered materials, connecting the world’s leading polymer producers with a blue-chip customer base across healthcare, consumer, industrial and mobility markets. Powered by technical and commercial expertise, Formerra brings a distinctive combination of portfolio depth, supply chain strength, industry knowledge, service, leading ecommerce capabilities, and ingenuity. The experienced Formerra team helps customers across multiple industries to design, select, process, and develop products in new and better ways, driving improved performance, productivity, reliability, and sustainability. To learn more, visit www.formerra.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $52 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.