Maroon Group, a portfolio company of CI Capital since July 2014, has acquired Cambrian Solutions, a Canada-based distributor of specialty ingredients and chemicals.
Cambrian’s portfolio of products are used in a range of sectors including natural and organic food, health ingredients, industrial, paper, personal care, and animal nutrition. The company was founded in 1995 and is headquartered in Oakville, ON (www.cambrian.com).
Peter Jobling, Cambrian’s founder and president, will continue with the business through a transition period and will be a shareholder in the combined company.
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).
“This transformational acquisition for our organization aligns with our strategic priorities of targeted aggressive growth and market leadership in strategic end markets,” said Terry Hill, CEO of Maroon Group. “We’ve admired Cambrian for several years due to the quality of their team, their culture, and the innovative solutions that they deliver. This acquisition firmly establishes Maroon Group’s foothold in Canada and will serve as another platform for Maroon’s growth.”
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 more than five-year ownership term, Maroon has now completed ten add-on acquisitions and grown its revenue sixfold.
The buy of Cambrian follows Maroon Group’s July 2019 buy of Amsyn, a Nashua, NH-based distributor of specialty chemicals to the coatings, lubricants, nutraceutical, pharmaceutical, and electronics industries; and the May 2018 buy of J. Tech Sales, a Boca Raton, FL-based distributor of specialty chemicals and ingredients used in the household, industrial, institutional, food and beverage, and personal care markets.
“We are very pleased to see Maroon Group continue to execute its growth strategy under the leadership of Terry Hill,” said Joost Thesseling, managing director of CI Capital. “Cambrian is a very high-quality business that aligns with our strategy to continue to diversify Maroon’s geographic footprint, to grow its presence in priority end markets, and to enhance its value-added capabilities. We fully support the Maroon Group team as they continue to execute on their plan to build a market-leading distributor of specialty ingredients and chemicals.”
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 | September 24, 2019