KPS Capital Partners, LP has announced its agreement to acquire INEOS Composites from INEOS Enterprises Holdings II Ltd for approximately €1.7 billion. The transaction is expected to close in the first half of 2025, pending regulatory approvals, particularly concerning the French operations.

INEOS Composites is a prominent global manufacturer specializing in unsaturated polyester resins, vinyl ester resins, and gelcoats. These products are essential in creating plastic composites used in various sectors, including building materials, recreation, transportation, and wind energy. The company operates 17 manufacturing facilities and three technology centers worldwide, employing around 900 people.

Raquel Vargas Palmer, Managing Partner at KPS, expressed enthusiasm about the acquisition, highlighting INEOS Composites' strong market position and customer base. KPS aims to leverage its extensive experience in process industries to enhance profitability and foster an innovative culture within the company.

Andrew Miller, CEO of INEOS Composites, welcomed the partnership with KPS, noting their commitment to manufacturing excellence and investment in research and development. He believes this collaboration will enhance the company's ability to deliver top-tier products and services to customers.

Ashley Reed, Chairman of INEOS Enterprises, reflected on the significant improvements INEOS Composites has made in safety and financial performance over the past five years. He emphasized that the company has established a solid foundation for future growth through enhanced product quality and operational capabilities.

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

INEOS Composites is recognized for its diverse range of resins that optimize product characteristics such as corrosion resistance, fire retardance, and high strength-to-weight ratios. For more information, visit their website.

KPS Capital Partners manages the KPS Special Situations Funds, which have approximately $21.4 billion in assets under management. The firm focuses on making controlling equity investments in manufacturing and industrial companies across various sectors.