Citadel Plastics Holdings, Inc. (West Chicago, IL, US), a global provider of thermoplastic and engineered composite compounds, announced on March 16 that its owners, private equity firms HGGC and Charlesbank Capital Partners, have entered into a definitive agreement to sell the Company to global plastics supplier A. Schulman (Fairlawn, OH, US). The transaction is expected to close in the second quarter of 2015.
Citadel, acquired by HGGC and Charlesbank in 2012, is an Illinois-based provider of comprehensive composite materials solutions operating 21 production facilities in North America, Europe, Asia and Latin America. The company offers a broad portfolio of proprietary compounds to diverse customers spanning multiple industries including transportation, industrial, construction, consumer, electrical, energy, healthcare and safety.
During HGGC and Charlesbank's ownership, and in partnership with Citadel management, the company has significantly expanded its capabilities, geographic reach and customer base through both organic growth and strategic acquisitions. Citadel added Lucent Polymers in 2013 and The Composites Group ("TCG") in late 2014. The combination of these businesses accelerated the evolution of Citadel into an industry leader with more than 1,300 customers and over 2,000 active products that have grown revenues 70 percent since the initial investment.
"The management team and I are extremely proud of the tremendous growth and expansion that has taken place at Citadel over the past three years," says Mike Huff, CEO of Citadel. "Working closely with HGGC and Charlesbank, we have built a much stronger business that is well-positioned for continued success in partnership with A. Schulman."
For more information, visit www.citadelplastics.com.