H.I.G. Capital, a global alternative investment firm, has bought Avient Corporation‘s Distribution business.

Avient Distribution provides assistance with design, material selection, processing, manufacturing & supply chain challenges. The Distribution business was acquired for $950 million in cash, with expected after-tax proceeds of approximately $750 million. According to H.I.G. Capital, the former Avient Distribution business will now operate as an independent company called Formerra.

“Completing the sale of Distribution enables us to be modestly levered while advancing our specialty transformation with the recent acquisition of DSM‘s Protective Materials business and the Dyneema brand,” comments Robert Patterson, chairman, president and chief executive officer of Avient Corporation.  “As previously announced, we intend to use the net proceeds from the Distribution sale to pay down near-term maturing debt.”