An affiliate of private equity firm CI Capital Partners is to acquire Maroon Incorporated, which has changed its name to Maroon Group, a North American distributor of specialty chemicals based in Avon, Ohio.
Maroon’s management team retains a significant equity interest in the company. Terms of the transaction were not disclosed.
Founded in 1977, Maroon has become a leader in the specialty chemical distribution industry. Through a network of distribution centres across North America, Maroon supplies nearly 900 customers with more than 30 million pounds of specialty additives, resins and pigments annually, with a focus on the plastics, coatings, composites, rubber and adhesives markets.
“We are honoured to complete this transaction and begin our partnership with CI Capital,” says Mark Reichard, president and chief executive of Maroon. “CI Capital’s resources, extensive experience in the distribution industry and track record of helping businesses like ours grow make them an ideal partner for our organisation.”
“Maroon’s management team has built an impressive business through their commitment to excellent customer service,” says Joost Thesseling, managing director at CI Capital Partners. “We believe the company is well-positioned to continue its strong growth, both organically and through selective add-on acquisitions in the highly fragmented specialty chemical distribution industry. We look forward to supporting the management team as they execute their strategic vision for the company.”
Paul, Weiss, Rifkind, Wharton & Garrison advised CI Capital for this transaction. Bruml Capital and Meyers, Roman, Friedberg & Lewis advised Maroon.
