A.Schulman completes acquisition of Citadel Plastics for $800 million

The purchase adds Citadel’s specialty engineered composites business to the company’s offerings.

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Global plastics supplier A. Schulman (Fairlawn, OH, US) has completed the previously announced acquisition of HGGC Citadel Plastics Holdings (West Chicago, IL, US), a portfolio company of private equity firms HGGC and Charlesbank Capital Partners, for $800 million. A. Schulman expects the transaction to be accretive in the first 12 months of ownership.

"We are thrilled to add Citadel to our portfolio of highly specialized businesses, and welcome the talented group of associates to the A. Schulman team," said Bernard Rzepka, president and chief executive officer of A. Schulman. "With significant revenue in the United States, Citadel greatly enhances our regional scale and efficiencies, as well as balances our current global geographic footprint. Citadel also provides a strong entry point to our 'Expanded Vision' initiative by adding a second strategic growth platform to our organization with its industry-leading, value-added specialty engineered composites business."

"The Citadel team is very excited to become an important part of A. Schulman," said Mike Huff, chief executive officer of Citadel. "We are confident that our history of growth and innovation will only be enhanced by our new partnership with A. Schulman and we thank HGGC and Charlesbank for their support in helping us reach this new phase of our business."