INEOS Enterprises Signs Agreement to Sell INEOS Composites to KPS Capital Partners

INEOS Enterprises has reached an agreement with KPS Capital Partners to sell the INEOS Composites business to the latter for an estimated consideration of approximately €1.7 billion upon completion of the transaction. The business has combined sales of more than €800 million per year and employs approximately 900 people across 17 sites and 3 technical centers in Europe, North and South America, Asia and the Middle East.

The proposed transaction is expected to close in 1H25, subject to regulatory approvals and consultation processes.

INEOS Composites is a leading global manufacturer of unsaturated polyester resins, vinyl ester resins and gelcoats, which are used to produce plastic composites for a wide range of large end-use markets around the world. The company sells a wide range of resins that help customers optimize certain properties of their products, including corrosion resistance, flame retardancy, UV resistance, water and chemical resistance, thermal and electrical insulation, impact and scratch resistance, and high strength-to-weight ratio.

Ashley Reed, Chairman of INEOS Enterprises, said: "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. In addition, it has strengthened its market position through improved product quality, consistency and enhanced operational and commercial capabilities, laying a solid foundation for further growth in the future."

KPS manages investment funds with approximately $21.4 billion of assets under management (as of September 30, 2024). The firm has a strong track record of acquiring and investing in manufacturing and industrial companies across a range of industries, including basic materials, branded consumer products, healthcare and luxury goods, automotive components, capital equipment and general manufacturing.

Raquel Vargas Palmer, Managing Partner of KPS Capital Partners, said, "We are pleased to acquire INEOS Composites, a leading global manufacturer of specialty composite resins. The company's leading market position and long-standing customer base are a testament to its differentiated product quality, reliability and strong technical service capabilities. We will leverage KPS' decades of successful experience investing in process industries, as well as our commitment to manufacturing excellence and global network, to increase profitability and create a corporate culture centered on innovation, continuous improvement and an exceptional customer experience. We look forward to working with CEO Andrew Miller and the INEOS Composites team to accelerate the company's value creation opportunities."