KPS Capital Partners
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KPS to Acquire INEOS Composites
KPS Capital Partners, LP (“KPS”) announced that, through a newly formed affiliate, it has signed a definitive agreement to acquire INEOS Composites (the “Company”) from INEOS Enterprises Holdings II Ltd (“INEOS Enterprises”) for an estimated consideration of approximately €1.7bn at completion. Completion of the transaction is expected in the first half of 2025 subject to regulatory approvals and consultation processes (in particular, with respect to the French business, for which the parties have entered into exclusive negotiations).
INEOS Composites is a leading global manufacturer of unsaturated polyester resins, vinyl ester resins and gelcoats used in the production of plastic composites for a wide range of applications across large global end-markets, including building materials, recreation, transportation and wind energy, among others. INEOS Composites sells a broad range of resins that allow customers to optimize certain characteristics of their products, including corrosion resistance, fire retardance, ultraviolet resistance, water and chemical resistance, thermal and electrical insulation, impact and scratch resistance, and high strength-to-weight ratios. Headquartered in Dublin, Ohio, and Barcelona, Spain, INEOS Composites has approximately 900 employees and operates 17 manufacturing facilities and three technology centers across North and South America, Europe, Asia and the Middle East.
KPS Capital Partners Completes Acquisition of Innomotics from Siemens AG
Siemens AG has successfully closed the sale of Innomotics to KPS Capital Partners, LP (“KPS”) for €3.5 billion (enterprise value). On May 16, 2024, Siemens had announced plans to sell this world-leading supplier of electric motors and large-drive systems to KPS.
KPS Capital Partners to Sell Eviosys to Sonoco
KPS Capital Partners, LP announced that it has entered into an agreement for its portfolio company, Eviosys to be sold to Sonoco Products Company, a Hartsville, South Carolina-based global leader in high-value sustainable packaging, for €3.615 billion (or approximately $3.9 billion). Sonoco has the option, under certain circumstances, to pay up to $200 million of the purchase consideration in the form of Sonoco stock. The transaction is expected to close by the end of 2024, and is subject to completion of required works council consultations and the receipt of required regulatory approvals and other customary closing conditions.
Eviosys is a leading global supplier of metal packaging, producing food cans and ends, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa. Eviosys is a global leader in sustainability, with a product portfolio comprised entirely of infinitely recyclable metal packaging and industry-leading performance across a broad spectrum of sustainability metrics.