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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- The acquirer: “Fortis 333 Inc.”, a company exclusively controlled by investment funds managed by subsidiaries of “KPS Capital Partners, LP” (including the investment fund “KPS Special Situations Fund V”);
- The targets: “INEOS Composites Holdings Company (UK) Limited”, “INEOS Enterprises US Holdco LLC”, “INEOS Composites International Holdings LLC” and “INEOS Composites Finland Oy” and some of their respective subsidiaries.
Nature of the operation:
- Acquisition of exclusive control.
Economic sectors concerned:
- Manufacture of chemical products.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e. January 30, 2025.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration operation involving the acquisition of exclusive control by “Fortis 333, Inc.”, a company exclusively controlled by investment funds managed by subsidiaries of “KPS Capital Partners, LP”, the companies “INEOS Composites Holdings Company (UK) Limited”, “INEOS Enterprises US Holdco LLC”, “INEOS Composites International Holdings LLC”, “INEOS Composites Finland Oy” and some of their respective subsidiaries (companies within the “INEOS Composites” division) through the acquisition of 100% of their share capital and voting rights.
“Fortis 333, Inc.” is a company registered in the State of Delaware, United States, registered under number 10004578, with its headquarters located at 850 New Burton Road, Suite 201, City of Dover, County of Kent Delaware, 19904. It is a company exclusively controlled by investment funds managed by subsidiaries of “KPS Capital Partners, LP” (including the investment fund “KPS Special Situations Fund V”). “KPS Capital Partners, LP” is a U.S. private equity firm that provides capital and strategic support to growing companies, particularly in the manufacturing sector, and is headquartered in the United States.
“INEOS Composites” is the composites division of INEOS Enterprises, which is part of the INEOS Group. “INEOS Composites” specializes in the manufacture of unsaturated polyester resins, vinyl ester resins, and gel coats used in the production of plastic composites. This division consists of the following companies:
- “INEOS Composites Holdings Company (UK) Limited” is a limited liability company registered under number 11815817 and located at Anchor House, 15-19 Britten Street, Chelsea, London, SW3 3TY, United Kingdom;
- “INEOS Enterprises US Holdco LLC” is a limited liability company registered under number 7096165 and located at 1209 Orange Street Wilmington DE 19801 United States;
- “INEOS Composites International Holdings LLC” is a limited liability company registered under number 810065 and located at 1209 Orange Street, Wilmington DE 19801, United States;
- “INEOS Composites Finland Oy” is a limited liability company registered under number 0857674-1 and located at Muovintie 35 06850 Kulloo, Finland.
Done in Rabat, January 16, 2025
