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The provider of thermoplastic and engineered composite compounds announce 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. The transaction is expected to close in the second quarter of 2015.
Citadel, acquired by HGGC and Charlesbank in 2012, is a West Chicago, Ill.-based provider of comprehensive 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 blue-chip customers spanning multiple industries including transportation, industrial & construction, consumer, electrical, energy and healthcare & 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.More information:www.thecompositesgroup.com