Maroon Group, a specialty chemical distributor and a portfolio company of CI Capital Partners, has acquired Lincoln Fine Ingredients, a national distributor of specialty chemicals.
Lincoln Fine Ingredients (LFI) distributes specialty chemicals and ingredients and also provides related value-added services to customers active in the personal care, cosmetic, food & beverage, household & industrial, and pharmaceutical industries. The management team of Lincoln, led by CEO James Noon and President Walter Martish III, will continue to manage the business under Maroon Group ownership. FLI was founded in 1976 and is headquartered in Lincoln, RI (www.lincolnfineingredients.com).
“Jim, Walter and their team have built a great company that shares a similar customer-centric approach with Maroon Group,” said Mark Reichard, President and CEO of Maroon Group. “We’re delighted to complete this acquisition and to expand into the industries that Lincoln Fine Ingredients has served for over 40 years. We are pleased with the momentum of our acquisition strategy, having completed six acquisitions in less than three years.”
Maroon Group, acquired by CI Capital Partners in July 2014, supplies specialty additives, resins, pigments and packaging to North American manufacturers active in the plastics, coatings, composites, rubber and adhesives markets. Maroon’s portfolio of companies includes Maroon, Cadence Chemical, U.S. Chemicals, CNX Distribution, D.B. Becker, Addipel, Polyram USA, and with this latest acquisition, Lincoln Fine Ingredients. The company was founded in 1977 and is headquartered near Cleveland in Avon, OH (www.maroongroupllc.com).
“We are thrilled with Maroon Group’s continued progress in executing its acquisition strategy. The six add-on acquisitions that Maroon Group has completed to date have created a leading distributor of specialty chemicals. We will continue to support Maroon Group as the management team works to execute its robust pipeline of strategic add-on acquisitions,” said Joost Thesseling, Managing Director at CI Capital. The most recent add-on acquisition prior to the buy of LFI was Maroon’s December 2016 purchase of Cadence Chemical, a national distributor of specialty chemicals based in Stamford, CT (www.cadencechem.com).
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 190 acquisitions representing over $8 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2017 Private Equity Professional | March 9, 2017
