INEOS Enterprises has completed the sale of its composites business to KPS Capital Partners for approximately €1.7bn.
The composites business has combined sales of more than €800m a year and employs approximately 900 employees across 17 sites and three technology centres in Europe, North and South America, Asia and the Middle East.
Andrew Miller will remain CEO of the business which will has been rebranded as ALTA Performance Materials.
The sale was initially announced at the end of 2024.
The composites business produces resins and gelcoats that are used to make strong, lightweight composite plastics used in a variety of markets including boats and electronics. The resins and coatings help improve product features such as fire and water resistance, protection from sunlight, insulation, and durability.
“We are very pleased to have completed this transaction with KPS, which will build on the strong foundation that INEOS has established over the past five years,” said 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.
Ashley Reed
“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 around $19.7 billion of assets under management.
“We are thrilled to acquire INEOS Composites. The company’s leading market position and long-tenured customer base is a testament to its differentiated product quality, reliability and innovation,” said Raquel Vargas Palmer, managing partner of KPS Capital Partners.
“We will leverage KPS’ decades of experience investing in process industries and provide strategic support and capital to drive commercial and operational excellence.”
She added: “We look forward to partnering with chief executive officer Andrew Miller and the INEOS Composites management team to accelerate the company’s value creation plan.”
