Formerra, an H.I.G. Capital Portfolio Company, Completes Acquisition of Total Polymer Solutions
NEW YORK – April 4, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $55 billion of equity capital under management, is pleased to announce that its portfolio company, Formerra, LLC (“Formerra” or the “Company”), the leading distributor of highly engineered thermoplastic resins, additives, and other specialty polymers in North America, has acquired Total Polymer Solutions (“TPS”).
The acquisition of TPS further enhances Formerra’s leadership in the healthcare market and aligns with the Company’s strategic plan of expanding into Europe. TPS’s market presence in Ireland and the United Kingdom are particularly attractive due to both countries’ growing leadership in medical device and equipment production. TPS has an expansive product portfolio, exceptional customer service, and in-depth healthcare technical and regulatory expertise.
Ronan Kennedy and Eamonn Keane, TPS’s co-founders and owners, will join the Formerra team and remain invested in the business going forward. TPS is the first add-on acquisition that Formerra has completed since H.I.G. acquired the Company from Avient Corporation in November 2022.
“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,” commented Cathy Dodd, Chief Executive Officer of Formerra. “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 a highly complementary addition to Formerra that will allow the Company to better serve the unique needs of customers in the dynamic healthcare and medical markets,” commented Rob Jang, Managing Director at H.I.G. “We look forward to continuing to support Formerra’s growth journey through investments in specialty engineered materials and value-added service capabilities.”
About Formerra
Formerra is a preeminent distributor of engineered materials, connecting the world’s leading polymer producers with thousands of OEMs and brand owners across healthcare, consumer, industrial, and mobility markets. Powered by technical and commercial expertise, it brings a distinctive combination of portfolio depth, supply chain strength, industry knowledge, service, leading e-commerce capabilities, and ingenuity. The experienced Formerra team helps customers across multiple industries to design, select, process, and develop products in new and better ways – driving improved performance, productivity, reliability, and sustainability. To learn more, visit www.formerra.com.
About Total Polymer Solutions
Total Polymer Solutions is an industry-leading distributor of innovative polymer materials and technologies, dedicated to delivering sustainable, high-performance material solutions. Our team of experts collaborates with clients to develop tailored products and services that meet the unique needs of industries including healthcare, consumer, transportation, aerospace, and other end market. To learn more about our comprehensive offerings and dedication to customer success, visit totalpolymer.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $55 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.hig.com.