HIG Capital completed the acquisition of the distribution business of Avient for $950m.

HIG Capital, a private equity and alternative assets investment firm, completed the acquisition of the distribution business of Avient, a global provider of sustainable and specialized material solutions, for $950m. "As expected, there were multiple buyers interested in acquiring the Distribution business, and it was a competitive process. Ultimately, we selected HIG 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 HIG will make an excellent home for the Distribution business and a good partner for Avient as both a supplier and a customer," Robert M. Patterson, Avient Chairman, President and Chief Executive Officer.