April 5 2023, David R Brown
Formerra completes acquisition of Total Polymer Solutions
Formerra (formerly Avient Distribution), one of the leading distributors of engineering resins and polymers in North America, has acquired Total Polymer Solutions (TPS) in a deal estimated to be worth around EUR 25 million.
Total Polymer Solutions will enable Formerra to strengthen its global healthcare distribution platform
Cathy Dodd
CEO of Formerra
Total Polymer Solutions (TPS) specialises in the distribution of engineered polymers for the healthcare, consumer, transportation and aerospace sectors and has worked with Formerra for more than a decade servicing Irish and UK-based manufacturing operations of multinational healthcare groups. The acquisition of TPS further enhances Formerra's leadership in the healthcare market and establishes a strategic foothold in the European market for the group. TPS was set up in late 2002 by Ronan Kennedy and Eamonn Keane, who will remain invested and involved in the business after the purchase by Illinois-headquartered Formerra.
Cathy Dodd, Chief Executive Officer of Formerra said: “Total Polymer Solutions will enable Formerra to strengthen its global healthcare distribution platform while building on both companies' shared capabilities around rapid product development, innovation, and regulatory support. This acquisition enables us to better serve our global healthcare customers in Europe with streamlined supply chain management and faster go-to-market support, driving significant value for all stakeholders.”
Ronan Kennedy and Eamonn Keane added: “We are excited to join forces with Formerra and together, we can create greater benefits for our customers by leveraging our combined strengths. Formerra’s leading product design and manufacturing support services in combination with our strong in-region market presence positions us to be nimble and meet bespoke customer requirements.”
TPS is the first add-on acquisition that Formerra has completed since H.I.G. acquired the Company from Avient Corporation in November 2022.
About Formerra
Formerra is a portfolio company of H.I.G. Capital, an alternative investment firm with $55 billion of equity capital under its management. Formerra is a next-generation materials distributor helping the world's leading manufacturers transform an exciting new age of innovation. The company supplies more than 4,000 grades of engineering and commodity grade resins, principally to North American, Central American and Asian markets.Representing over 25 major suppliers, Formerra offers customers a broad product portfolio, just-in-time delivery from multiple stocking locations and local technical support.
Source(s): Formerra Press Release
Further Information
Visit: https://www.formerra.com