CI Capital Partners, a New York-based private equity firm, and Maroon Incorporated, which has changed its name to Maroon Group LLC, announced that an affiliate of CI Capital Partners has acquired a majority interest in Maroon, a North American distributor of specialty chemicals based in Avon, OH. 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 and has built deep supplier and customer relationships through its technical product knowledge and consistent on-time delivery of products. Through a network of distribution centers 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 honored to complete this transaction and begin our partnership with CI Capital,” said Mark Reichard, president and CEO 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 organization.”
“Maroon’s management team has built an impressive business through their commitment to excellent customer service,” said 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.”
“CI Capital has been fortunate to have found success over many years and many investments in the distribution sector,” said Fred Iseman, chairman and CEO of CI Capital Partners. “Our core strategy is to form partnerships with proven management teams to build businesses together, and Maroon is another example of this strategy at work. We are pleased with the acquisition and believe that Maroon is a great addition to our portfolio.”