November 7 2023, David R Brown
H.I.G. Capital owned Formerra completes the acquisition of Mexican distrbutor, Suministro
Formerra, a global distributor of engineering thermoplastics, additives and other specialty polymers, have announced the acquisition of Suministro de Especialidades, a value-added distributor of elastomers, adhesives, resins and other performance additives with extensive customer and supplier relationships throughout Mexico.
Suministro represents an exciting step into new product adjacencies with the addition of elastomers, adhesives, and other performance additivesCathy Dodd
CEO of Formerra LLC
The acquisition Suministro strengthens Formerra's position as a leading engineered materials distributor in Mexico with a combined team of over thirty technical sales experts dedicated to the region. The acquisition also represents an expansion of Formerra's offerings into elastomers and adhesives, with in-country application and formulation support through a laboratory in Mexico City.
Suministro's founder also joins the Formerra team and will remain invested in the business going forward. Suministro is the second add-on acquisition that Formerra has completed since H.I.G. acquired the Company from Avient Corporation in November 2022.
“Suministro represents an exciting step into new product adjacencies with the addition of elastomers, adhesives, and other performance additives. Suministro's extensive distribution network in Mexico, combined with Formerra's leading technical capabilities and global distribution network, offer attractive opportunities for customers and suppliers seeking a dependable partner for growth in Mexico,” commented Cathy Dodd, Chief Executive Officer of Formerra.
Robert Jang, Managing Director at H.I.G. added, “This investment underscores our commitment to expanding Formerra's leadership position in engineered materials and the strategic Mexico market. Looking forward, we will continue our pursuit of selective acquisitions, with a focus on expanding the platform and enhancing the breadth of solutions that Formerra brings to market.”
Formerra is a portfolio company of H.I.G. Capital, an alternative investment firm with $59 billion of equity capital under its management. Formerra is a leading distributor of engineered materials, connecting the world's leading producers with thousands of OEMs and brand owners across healthcare, consumer, industrial, and mobility markets. 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