December 4, 2024 16:23

KPS Capital Partners, a leading U.S.-based private equity firm, has announced back-to-back deals to acquire the composites division of Ineos and the engineered materials business of Crane.

The agreement with Ineos Enterprises includes the purchase of Ineos Composites, headquartered in Dublin, Ohio, and Barcelona, Spain. Ineos Composites specializes in unsaturated polyester resins, vinyl ester resins, and gelcoats, generating annual revenue of more than €800 million.
The company employs about 900 people across 17 facilities and three technology centers in Europe, the Americas, Asia, and the Middle East.
The enterprise value of the transaction is set at just under €1.7 billion, with the transfer of ownership expected in the first half of 2025, subject to regulatory approvals.
Ineos Composites was established in 2019 following the acquisition of Ashland's composites business by the U.K.-based chemical giant.

In a parallel move, KPS announced its acquisition of Crane Composites, the engineered materials division of Crane, for $227 million. This business focuses on fiberglass-reinforced polymer materials used in wall and ceiling panels used in commercial construction, sidewall and roof panels for recreational vehicles and interior liners and roof panels for trailer and truck bodies. Crane Composites serves a variety of end-markets, including building products, recreational vehicles and transportation.
Headquartered in Channahon, Illinois, the Company has approximately 430 employees and operates four strategically located manufacturing facilities across the United States.
The deal is expected to close in the first quarter of 2025, pending standard closing conditions and approvals.

KPS Capital Partners manages about $21.4 billion in assets across its investment funds, focusing on acquiring and transforming manufacturing businesses in sectors such as materials, consumer goods, healthcare, automotive components, and industrial equipment. KPS portfolio companies collectively generate $23.7 billion in revenue, operate 251 production facilities in 30 countries, and employ 65,000 people directly or through joint ventures.

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