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HGGC and Charlesbank Capital Partners, with portfolio company Citadel Plastics Holdings, announced they have completed the acquisition of The Composites Group.
The deal brings together Citadel, a 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 industry-leading capabilities and builds the Company’s market presence in attractive end markets such as energy, aerospace and healthcare. With this acquisition and the addition of Lucent Polymers in December 2013, Citadel has expanded its business, with revenue increasing from approximately $300 million to approximately $525 million. Further, the attractive 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. 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.More information: www.citadelplastics.com - thecompositesgroup.com