H.I.G. buys Avient’s distribution unit

The newly acquired unit will operate as Formerra, a polymer distributor.

  • Piper Sandler & Co. acted as financial advisor to H.I.G. while Ropes & Gray LLP acted as legal counsel
  • H.I.G. has $52 billion of equity capital under management
  • Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide

H.I.G. Capital has acquired Avient Corporation’s distribution business. The newly acquired unit will operate as Formerra, a polymer distributor.

“We look forward to partnering with [CEO] Cathy Dodd and the team of Formerra,” said Robert Jang, managing director at H.I.G, in a statement. “Formerra is the preeminent distributor of engineered materials with a proven track record of success, underpinned by its industry-leading technical service, application development, customer support, and supply chain solutions. H.I.G. shares management’s ambitious growth agenda and we look forward to supporting the team in those endeavors.”

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

Piper Sandler & Co. acted as financial advisor to H.I.G. while Ropes & Gray LLP acted as legal counsel.

H.I.G. has $52 billion of equity capital under management. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.