Formerra, an H.I.G. Capital Portfolio Company, Completes Acquisition of Suministro
NEW YORK – November 7, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $59 billion of equity capital under management, is pleased to announce that its portfolio company, Formerra, LLC (“Formerra” or the “Company”), a global distributor of highly engineered thermoplastic resins, additives, and other specialty polymers, has acquired Suministro de Especialidades (“Suministro”).
Based in Mexico City, Suministro is a value-added distributor of elastomers, adhesives, resins and other performance additives with extensive customer and supplier relationships throughout Mexico. The acquisition of 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 will join the Formerra team and 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.
“We are excited to join forces with Formerra. It will give us additional resources to support all our valued customers and suppliers, which will always be our highest priority,” commented Suministro’s founder.
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 preeminent distributor of engineered materials, connecting the world’s leading 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, and leading e-commerce capabilities. The experienced Formerra team helps customers across multiple industries 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.
Founded in 1990, Suministro is an industry-leading distributor of elastomers, adhesives, and other performance additives, dedicated to providing excellent customer service, technical formulation support, and reliable solutions to clients across Mexico. Suministro is ISO 9001:2015 certified with sales offices, formulation laboratories, and warehouses in Mexico City, Monterrey, and Guadalajara. Suministro’s team of experts work tirelessly to provide products and services that meet the unique needs of various end markets, including industrial, consumer, mobility, aerospace, and others. To learn more about Suministro’s comprehensive offerings and dedication to customer success, visit www.suministro.com.mx/.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $59 billion of 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 middle market companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
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 $52 billion. For more information, please refer to the H.I.G. website at www.higcapital.com