Maroon Group, a portfolio company of CI Capital Partners, has acquired CNX Distribution, a distributor of specialty chemicals. CI Capital Partners acquired Maroon Group, also a distributor of specialty chemicals, in July 2014.
CNX Distribution supplies raw materials for the CASE (coatings, adhesives, sealants, and elastomers), plastics, oil and gas, and chemical processing industries. The company was founded in 2006 and is headquartered northeast of Ft. Worth in Hurst, TX (www.cnxdistribution.com). The CNX senior management team will remain in place and will continue to run the business under Maroon’s ownership.
“CNX Distribution is our third acquisition in 15 months and provides an anchor for us in this strategic region of the country,” said Mark Reichard, President and CEO of Maroon Group. “We’re thrilled to complete this acquisition as we continue to implement our multi-tiered growth strategy,”
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).
“The Maroon Group management team, led by Mark Reichard, has worked hard to implement an acquisition strategy based on building relationships with other specialty chemical distributors and structuring partnerships that will benefit both companies,” said Joost Thesseling, Managing Director at CI Capital Partners. “We are pleased with the progress made in just eighteen months of ownership and look forward to a very productive 2016.”
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 its founding in 1993, CI Capital and its portfolio companies have made more than 150 acquisitions representing over $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $2.5 billion, EBITDA of approximately $250 million, and employ approximately 9,000 people. The firm is based in New York (www.cicapllc.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-20-16
