MEXICO CITY—Resin distributor Formerra L.L.C. is pushing into new markets and deeper into Mexico with the acquisition of Suministro de Especialidades.
Mexico City-based Suministro also has locations in Guadalajara and Escobedo, Mexico.
"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," Robert Jang, managing director at H.I.G. Capital, said in a statement.
H.I.G. purchased the resin distribution business of Avient Corp. for $950 million just about a year ago and renamed the operations Formerra.
The acquisition of Suministro is the second deal for Romeoville, Ill.-based Formerra under its new ownership, with the company previously acquiring Total Polymer Solutions of Dublin for an undisclosed price.
But the latest deal is all about Mexico.
"Suministro represents an exciting step into new product adjacencies with the addition of elastomers, adhesives, and other performance additives," Formerra CEO Cathy Dodd said in a statement.