Maroon Group Closes Ninth Add-on

Maroon Group, a portfolio company of CI Capital since July 2014, has acquired Amsyn.

Amsyn is a national distributor of specialty chemicals to the coatings, lubricants, nutraceutical, pharmaceutical, and electronics industries. The company also provides formulation services, consulting services, warehousing and logistics services. Amsyn, led by President Thomas Castrovinci, was founded in 1989 and is based in Nashua, NH (www.amsyn.com).

Amsyn’s management team, led by Mr. Castrovinci, will continue to manage the business on a day-to-day basis under Maroon ownership. “Amsyn’s ability to distinguish itself as a leading provider of technical solutions has resulted in close integration within its customers’ supply chains,” said Terry Hill, CEO of Maroon Group. “We are thrilled to work with Tom and the Amsyn team. They have fostered strong relationships across the industry, resulting in an impressive track record of growth and a sustainable business model that complements our existing technical capabilities.”

Maroon Group supplies specialty additives, resins, and pigments to North American manufacturers active in the coatings, adhesives, plastics, personal care, pharmaceutical and food ingredients markets.  The company was founded in 1977 and is headquartered near Cleveland in Avon, OH (www.maroongroupllc.com).

CI Capital acquired Maroon Group in July 2014 in partnership with the company’s management team to consolidate the fragmented specialty chemicals distribution sector. During this five-year ownership term, Maroon has completed nine add-on acquisitions and grown its revenue fivefold.

“Maroon continues to attract proven entrepreneurs that have built sustainable, best-in-class distributors of specialty chemicals and ingredients,” said Joost Thesseling, chairman of Maroon Group and managing director of CI Capital.  Maroon continues to look for additional add-on acquisitions of distributors of specialty chemicals and ingredients.

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 330 acquisitions representing over $10 billion in enterprise value. The firm is based in New York (www.cicapllc.com).

© 2019 Private Equity Professional | July 29, 2019

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