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11/9/2014 | 1 MINUTE READ

Citadel completes acquisition of The Composites Group

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Private equity firms HGGC and Charlesbank Capital Partners, with portfolio company Citadel Plastics Holdings, has completed acquisition of Ohio-based The Composites Group.

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Private equity firms HGGC and Charlesbank Capital Partners, with portfolio company Citadel Plastics Holdings (West Chicago, Ill., USA), on Nov. 6 announced they have completed the acquisition of The Composites Group (North Kingsville, Ohio, USA). The deal brings together Citadel, a leading global provider of thermoplastic and engineered composite compounds, with TCG, a top manufacturer of engineered composite compounds. 

The TCG acquisition, which marks the second transaction completed by the team of HGGC, Charlesbank and Citadel in the last 12 months, expands Citadel’s portfolio of  capabilities and builds the company’s market presence in end markets such as energy, aerospace and healthcare. 

“TCG strategically enhances Citadel’s positioning in the market, strengthening the company’s ability to deliver customer solutions across a growing portfolio of product and material capabilities,” says Gary Crittenden, HGGC chairman, who also serves as chairman of Citadel. 

“We are excited to bring the collective capabilities of Citadel and TCG to our global customer base, now spanning an even broader set of industries,” adds Brandon White, managing director of Charlesbank, who also serves on the Board of Citadel.

With this acquisition and the addition of Lucent Polymers in December 2013, Citadel has significantly expanded its business, with revenue increasing from approximately $300 million to approximately $525 million. Further, Citadel says the mix of the acquired businesses, along with the operational excellence displayed by the Citadel team, allow for an increased earnings profile in addition to more avenues for revenue growth. 

“Our Partners and our team did a great job in recognizing the fit between Citadel and TCG,” says Mike Huff, CEO of Citadel.  “The shared organizational philosophies and the complementary capabilities and commercial approaches will allow us to quickly identify valuable ways to deliver solutions for our customers.”

The acquisition of TCG will be the eighth plastics-related acquisition for Citadel since 2007 and the 39th overall acquisition since 2008 for HGGC, which has a controlling interest in Citadel. This acquisition, along with the 2013 acquisition of Lucent Polymers, accelerates the evolution of Citadel into a global leader of highly engineered thermoplastic and engineered composite compounds.  

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