Following the transaction, Primient will continue to supply CovationBio with BioPDO under a long-term supply agreement for Covation’s production of partially biobased Sorona® polymer, which is used globally as a sustainable solution for the apparel and homegoods industries.
Moelis & Company acted as the exclusive financial advisor to CovationBio on this transaction. Financial terms were not disclosed.
CovationBio said the deal is “reinforcing its position as a biomaterials leader” as it plans to launch polytetramethylene ether glycol in 2026. “This exit allows us to make a deeper investment into the next generation of sustainable material innovations,” CovationBio CEO Steven Ackerman said in a press statement.