Avient Corporation (NYSE: AVNT), a global distributor of sustainable and specialized material solutions, will sell its distribution business to an affiliate of H.I.G. Capital for $950 million in cash. Avient’s divestment is in connection with an agreement to purchase DSM’s protective materials business.
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“As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected H.I.G. Capital based on the strength of their proposal, which values the business at approximately 10x LTM EBITDA and includes no financing contingencies. We are also confident that H.I.G. will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer,” Avient President, Chairman and CEO Robert M. Patterson said.
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