NEW YORK — H.I.G. Capital, a global alternative investment firm with $52 billion of equity capital under management, announced Tuesday 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.
“H.I.G.’s partnership begins an exciting new chapter for the company as it is poised to accelerate growth as an independent business," said Formerra CEO Cathy Dodd. "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.