AVON, Ohio—CI Capital Partners L.L.C. has acquired a majority interest in Maroon Group L.L.C., a specialty chemical distributor based in Avon.
The firms did not disclose terms of the transaction, but CI Capital Partners said Maroon's management team will retain a significant equity interest in the company.
According to the equity firm, Maroon supplies nearly 900 customers with more than 30 million pounds of specialty additives, resins and pigments annually in 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 supplies specialty additives, resins, pigments and packaging to North American manufacturers.
CI Capital Partners and its portfolio companies have made more than 125 acquisitions representing better than $7 billion in enterprise value, the firm said. Its existing portfolio consists of companies that collective generate annual revenue of more than $4 billion and employ about 14,000.