INEOS Enterprises completes sale of INEOS Composites
Composites business will be brought under the portfolio of KPS Capital Partners in an approximately €1.7 billion transaction.
Benicarló production site at night. Source | INEOS
INEOS Enterprises (Channahon, Ill., U.S.) has completed the sale of its composites business, INEOS Composites (Dublin, Ohio, U.S.), to KPS Capital Partners LP for approximately €1.7 billion. This deal aligns with the potential future opportunities for the business. The business will now be known under the name of Alta Performance Materials.
INEOS Composites has combined sales of more than €800 million per year and employs about 900 employees across 17 sites and three technology centers in Europe, North and South America, Asia and the Middle East. Andrew Miller will remain CEO of the business going forwards.
The composites business is a produces resins and gelcoats that are used globally to make composite parts and structures. Its resins and coatings help improve important product features such as fire and water resistance, protection from sunlight, insulation and durability.
“This transaction with KPS will build on the strong foundation that INEOS has established over the past 5 years,” says Ashley Reed, chairman of INEOS Enterprises. “We are confident that under KPS’s ownership, the business will continue to grow and succeed in the years ahead.”
KPS manages investment funds with approximately $19.7 billion of assets under management (as of Dec. 31, 2024). The company has a strong track record of acquisitions and investments in manufacturing and industrial companies across a range of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.
INEOS was advised by Piper Sandler and Slaughter and May.