Maroon Group, a portfolio company of CI Capital, has acquired J. Tech Sales, a national distributor of specialty chemicals and ingredients. This is Maroon Group’s eighth add-on acquisition under CI Capital’s ownership which began in July 2014.
J. Tech’s specialty chemical products are sold to customers active in the household, industrial & institutional (HI&I); food and beverage; coatings; and personal care markets. The company is a leading supplier of Citrus Oleo®, a citrus by-product that is used in cleaning products, degreasers, and fragrances. J. Tech was founded in 1997 and is headquartered in Boca Raton (www.jtechsales.com).
“J. Tech Sales is the preeminent specialty chemical and ingredient distributor in the North American HI&I market. This represents a strategic acquisition for us as we build upon existing positions in several core end-markets and continue expanding our value-add service offering,” said Mark Reichard, President and CEO of Maroon Group.
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).
“This acquisition is a continuation of Maroon Group’s strategy of acquiring leading businesses to expand the company’s end market and geographic presence,” said Joost Thesseling, Managing Director at CI Capital. “The addition of the J. Tech’s team broadens Maroon Group’s technical services and capabilities, and furthers the company’s reach into attractive specialty chemicals and ingredients markets.”
J. Tech’s management team, led by Jeff Tannenbaum and Barry Tannenbaum, will remain in place and continue to manage the business as an operating vertical within Maroon Group. Both managers have made an equity investment in Maroon Group.
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 280 acquisitions representing over $9 billion in enterprise value. The firm is based in New York (www.cicapllc.com).
© 2018 Private Equity Professional | May 17, 2018
