October 22 2014, David R Brown
PE-owned Maroon Group acquires custom blender and re-packaging company Addipel, LLC
US-based speciality chemical distributor, Maroon Group, LLC has acquired Addipel, LLC, a custom blender and re-packager based in Avon Lake, Ohio. Addipel was founded in 2008 in Avon, Ohio to provide custom formulated dry blends to customers in the plastics industry but has since expanded its activities to 3D printing and additive manufacturing market.
This is a milestone for our organization as Addipel is our first acquisition in our 37-year history
Mark E. Reichard
President and CEO of Maroon Group
“Maroon Group is excited to expand our value added service offering with the acquisition of Addipel,” Mark E. Reichard, President and CEO of Maroon Group, said. “This is a milestone for our organization as Addipel is our first acquisition in our 37-year history. We look forward to consistently delivering organic growth as well as integrating strategic acquisitions that allow us to further develop our product portfolio and create success for our customers and principal partners.”
The deal allows Maroon to offer customers the option to receive a custom-blended formulated chemical package instead of raw materials. Maroon is investing in Addipel's Avon Lake site, which will continue to operate. The combined annual revenue of the companies is around $130 million and the Group now employs around 45 people.
The acquisition was completed on September 30 2014, about three months after Maroon was acquired by New York-based private equity firm CI Capital Partners LLC. CI Capital is looking to use Maroon as a platform company, on which it plans to build organically and through strategic acquisitions.
About Maroon Group LLC
Maroon Group LLC is a leading specialty chemical distributor based in Avon, Ohio. Maroon supplies specialty additives, resins, pigments and packaging to North American manufacturers. Key suppliers include Buckman Laboratories, Croda International, Evonik, SNCZ and Solvay. Maroon are a NACD responsible distribution verified company.
Source(s): Maroon press release