Maroon Group LLC, a leading specialty chemical distributor in North America, announced today that it has acquired Lincoln Fine Ingredients, a national distributor of specialty chemicals based in Lincoln, Rhode Island. Lincoln Fine Ingredients' management team, led by Jim Noon and Walter Martish III, will continue to actively manage the business. Financial terms of the transaction were not disclosed. Maroon Group is owned by CI Capital Partners and Maroon Group management.
Established in 1976, Lincoln Fine Ingredients is a distributor of specialty chemicals and ingredients and provider of related value-added services to the Personal Care, Cosmetic, Food & Beverage, Household/Industrial and Pharmaceutical industries. The acquisition of Lincoln Fine Ingredients is the latest example of Maroon Group's strategy to form partnerships with successful entrepreneurs whose experience and market insight will help drive Maroon Group's continued success.
"Jim, Walter and their team have built a great company that shares a similar customer-centric approach with Maroon Group," said Mark E. Reichard, President and CEO of Maroon Group. "We're delighted to complete this acquisition and to expand into the industries that Lincoln Fine Ingredients has served for over 40 years. We are pleased with the momentum of our acquisition strategy, having completed six acquisitions in less than three years."
"We are excited to be part of Maroon Group, a dynamic organization that allows us to continue to manage our business and invest in growth, while collaborating across the combined companies," commented Walter Martish III, President of Lincoln Fine Ingredients.
Jim Noon, Executive Vice President of Lincoln Fine Ingredients added, "The long-term stability that this transaction provides for our employees, customers and key suppliers was a priority when Walter and I entered into discussions with Maroon Group. The Maroon Group management team understands specialty chemical distribution and has a track record of supporting their acquisitions by thoughtfully integrating new businesses and contributing to their ongoing success."
"We are thrilled with Maroon Group's continued progress in executing its acquisition strategy. The six add-on acquisitions that Maroon Group has completed to date have created a leading distributor of specialty chemicals. We will continue to support Maroon Group as the management team works to execute its robust pipeline of strategic add-on acquisitions," said Joost Thesseling, Managing Director at CI Capital.
About Maroon Group
Maroon Group (www.maroongroupllc.com) is one of the fastest growing specialty chemical distributors in North America. Based in Avon, Ohio, Maroon has thrived on creating success for customers by forming partnerships with world-class manufacturers and supplying consistent products on time. Customers have come to rely on Maroon's technical sales team, exceptional customer service, and global sourcing capabilities. Maroon Group's portfolio of companies include Lincoln Fine Ingredients, Maroon, Cadence Chemical, U.S. Chemicals, CNX Distribution, D.B. Becker, Addipel, and Polyram USA. The company will continue to explore opportunities to form partnerships with proven entrepreneurs that have built sustainable, best-in-class distributors of specialty chemicals and ingredients.
About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.2 billion in assets under management, has been investing in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 220 acquisitions representing approximately $8 billion in enterprise value. CI Capital's existing portfolio consists of companies that collectively generate annual revenue of over $3 billion and annual EBITDA of over $350 million and employ over 13,000 people.
