HIG Capital completes acquisition of Avient’s distribution business

An affiliate of investment firm HIG Capital has completed the acquisition of the distribution segment of resin distributor Avient Corp.

The acquired business will operate as an independent entity and will be renamed Formerra.

The US$950 million all-cash deal, which was first announced in August, closed on Nov. 1.

In a Nov. 1 news release, officials with the new firm said that Formerra “supports leading blue-chip customers and suppliers with its extensive engineered polymers portfolio and valued combination of commercial and technical expertise, global market knowledge, and industry-leading logistics and service capabilities.” The new company offers “highly specialized technical, processing, design and regulatory support for critical end market applications in the healthcare, consumer, industrial and mobility markets,” the statement added.

Formerra is the fourteenth platform investment and the eighth corporate carve-out in the chemicals sector completed by H.I.G. since 2008.