KPS Capital Partners has announced its agreement to acquire INEOS Composites for approximately $1.785 billion, with the deal expected to close in the first half of 2025, pending regulatory approvals. INEOS Composites is recognized as a global leader in specialty resins used in composite materials, operating 17 manufacturing facilities across various regions.

The acquisition aims to boost profitability and innovation within INEOS Composites, with KPS planning to collaborate closely with CEO Andrew Miller to enhance growth and service quality. The company specializes in unsaturated polyester resins, vinyl ester resins, and gelcoats, which are essential for producing plastic composites utilized in diverse sectors such as building materials, recreation, transportation, and renewable energy.

Raquel Vargas Palmer, managing partner at KPS, expressed enthusiasm about the acquisition, highlighting INEOS Composites' strong market position and loyal customer base. She emphasized KPS's extensive experience in the process industries and its commitment to fostering an entrepreneurial culture focused on innovation and customer satisfaction.

Andrew Miller, CEO of INEOS Composites, shared his excitement about the future under KPS's ownership, noting the firm's proven track record in developing industrial companies. He believes that KPS's dedication to manufacturing excellence and investment in research and development will enhance INEOS Composites' ability to deliver top-tier products and services.

Ashley Reed, chairman of INEOS Enterprises, reflected on the past five years of INEOS Composites' performance, noting significant improvements in safety and financial metrics. He acknowledged the company's strengthened market position and operational capabilities, which lay a solid foundation for future growth.

Legal counsel for KPS was provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, while Piper Sandler acted as financial advisor. INEOS Enterprises received legal support from Slaughter and May. The transaction is backed by committed debt financing from several financial institutions, including Goldman Sachs Bank USA and Barclays.

Overall, this acquisition marks a significant step for KPS Capital Partners as it seeks to leverage INEOS Composites' strengths and drive further advancements in the specialty resin market.