Maroon Group supplies specialty additives, resins, pigments and packaging to North American manufacturers active in the plastics, coatings, composites, rubber and adhesives markets. The company was founded in 1977 and is headquartered near Cleveland in Avon, OH (www.maroongroupllc.com).
“CI Capital has been fortunate to have found success over many years and many investments in the distribution sector,” said Fred Iseman, Chairman and CEO of CI Capital Partners. “Our core strategy is to form partnerships with proven management teams to build businesses together, and Maroon is another example of this strategy at work. We are pleased with the acquisition and believe that Maroon is a great addition to our portfolio.”
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. Since the founding in 1993, CI Capital and its portfolio companies have made more than 125 acquisitions representing over $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $4 billion, EBITDA of approximately $400 million, and employ approximately 14,000 people. The firm is based in New York (www.cicapllc.com).
“Maroon’s management team has built an impressive business through their commitment to excellent customer service,” said Joost Thesseling, Managing Director at CI Capital Partners. “We believe the company is well-positioned to continue its strong growth, both organically and through selective add-on acquisitions in the highly fragmented specialty chemical distribution industry. We look forward to supporting the management team as they execute their strategic vision for the company.”
Bruml Capital (www.brumlcapital.com) a Cleveland-based investment bank advised Maroon on this transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 7-8-14