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The company, a global provider of thermoplastic and engineered composite compounds, announced that it has signed a definitive agreement to acquire The Composites Group, a manufacturer of engineered composite compounds, from Dallas, Texas.
The transaction is expected to close by November. Terms were not disclosed.“TCG is a very strategic acquisition for Citadel, bringing outstanding expertise in material science technology, as is evidenced by its broad portfolio of proprietary engineered composites spanning BMC, SMC,TMC, and high-performance composites,” said Mike Huff, CEO of Citadel. “The addition of TCG, our eighth acquisition since setting out to build a comprehensive materials solution provider, will significantly increase our presence in engineered composites and improve our positioning for future growth with existing and new customers in current and new end markets.”The Composites Group, headquartered in Cleveland, Ohio, has differentiated itself in the engineered composites industry through its proven ability to formulate, source and utilize high-performance specialty composite materials. By providing customers with an integrated product solution for demanding end-use needs, such as oil and gas, TCG further demonstrates its unique positioning within the engineered composites market.The acquisition of TCG will be the eighth plastics-related acquisition for Citadel since 2007 and the 39th overall acquisition since 2008 for HGGC, a middle-market private equity firm with 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. Kirkland & Ellis LLP is legal counsel to Citadel. William Blair & Company, L.L.C. is financial advisor to The Composites Group; Andrews Kurth LLP is serving as its legal counsel.More information: www.citadelplastics.com