April 2, 2025
KPS Capital Partners has acquired the INEOS Composites business, a manufacturer of composite resins, from INEOS Enterprises, for $1.8 billion. With the close of the transaction, the INEOS Composites business has been renamed Alta Performance Materials.
Alta Performance Materials is a manufacturer of unsaturated polyester resins, vinyl ester resins, and gelcoats, which are used in composite materials across sectors such as building products, recreational vehicles, wind energy, and transportation. The company’s products include proprietary resin systems engineered for corrosion resistance, fire retardance, ultraviolet resistance, and high strength-to-weight performance.
Alta is headquartered in Dublin, Ohio, and Barcelona, Spain, and operates 17 manufacturing sites and 3 technology centers across North and South America, Europe, Asia, and the Middle East. The company is led by CEO Andrew Miller, formerly CEO of INEOS Composites, and has annual revenues of more than $860 million and 900 employees.
“We are excited for this new chapter as an independent company. We are proud of the organization we have built and look forward to driving innovation and excellence as a company dedicated to elevating performance in composites,” said Mr. Miller. “Becoming an independent company fully focused on composites gives us a unique opportunity to drive development of the future of composite materials to win together with our customers. We couldn’t be happier to partner with KPS in this next phase given their extensive track record of establishing and growing world class industrial companies.”
“We will leverage KPS’ successful, multi-decade experience of investing in process industries, along with our commitment to manufacturing excellence and global network, to drive profitability and create an entrepreneurial culture centered on innovation, continuous improvement and superior customer experience,” said Raquel Vargas Palmer, a managing partner at KPS. “We look forward to partnering with Andrew Miller and the Alta Performance Materials team to accelerate the company’s value creation plan.”
KPS Capital Partners makes control investments in manufacturing and industrial companies across a range of industries, including basic materials, branded consumer, healthcare, automotive parts, capital equipment, and general manufacturing. Many of KPS’s investments involve creating new companies to buy underperforming or distressed assets, companies operating in bankruptcy or in default of obligations to creditors, or with a history of recurring operating losses.
In October 2023, KPS closed both KPS Special Situations Fund VI LP at $8 billion in committed capital and KPS Special Situations Mid-Cap Fund II LP at $1.7 billion in committed capital. KPS, headquartered in New York City, also has offices in Frankfurt and Amsterdam.
INEOS Enterprises produces intermediates and specialty chemicals like caustic soda, chlorinated solvents, and vinyl acetate monomers that are used in the pharmaceuticals, construction, and consumer goods sectors.
“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, the chairman of INEOS Enterprises. “We are confident that under KPS’s ownership, the business will continue to grow and succeed in the years ahead.”
INEOS Enterprises is headquartered in Rolle, Switzerland, and operates sites in the UK, Germany, Sweden, and the U.S.
© 2025 Private Equity Professional | April 2, 2025
