Maroon Group LLC, a portfolio company of CI Capital Partners, said Tuesday it has acquired CNX Distribution. Financial terms weren’t announced. Hurst, Texas-based CNX Distribution supplies raw materials for the CASE, plastics, oil & gas and chemical processing industries.
AVON, Ohio, Jan. 19, 2016 /PRNewswire/ — Maroon Group LLC announced today that it has acquired CNX Distribution, a Southwestern United States distributor of specialty chemicals based in Hurst, Texas. CNX’s management team will remain in place and continue to actively manage the business. Maroon Group is owned by Maroon Group management and CI Capital Partners, a New York-based private equity firm. Terms of the transaction were not disclosed.
Founded in 2006, CNX Distribution supplies raw materials for the CASE, plastics, oil & gas and chemical processing industries. CNX has developed an outstanding reputation in the specialty chemical distribution industry and has a proven record of strong supplier and customer relationships built through excellent service and consistent performance.
“We’re thrilled to complete this acquisition as we continue to implement our multi-tiered growth strategy,” said Mark Reichard, President & CEO of Maroon Group. “CNX Distribution is our third acquisition in 15 months and provides an anchor for us in this strategic region of the country. The company has a tremendous team led by Jay McHugh and Bill Ward and a fantastic record of growth. We look forward to leveraging each company’s portfolio of products for further expansion.”
“Maroon Group’s culture and focus on exceptional service is a great fit with CNX,” comments Jay McHugh, CNX’s President. Bill Ward, CNX’s Vice President added, “We look forward to being part of a rapidly growing organization with enhanced resources available to support our employees, customers and principal partners.”
“The Maroon Group management team, led by Mark Reichard, has worked hard to implement an acquisition strategy based on building relationships with other specialty chemical distributors and structuring partnerships that will benefit both companies,” said Joost Thesseling, Managing Director at CI Capital Partners. “We are pleased with the progress made in just eighteen months of ownership and look forward to a very productive 2016.”
About Maroon Group
Founded in 1977, Maroon Group (www.maroongroupllc.com) is one of the fastest growing specialty chemical distributors in North America. The company continues to aggressively explore opportunities to form partnerships with proven entrepreneurs that have built sustainable, successful companies.
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm with $1.9 billion in assets under management, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since the firm’s inception, CI Capital and its portfolio companies have made more than 150 acquisitions representing over $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies that collectively generated revenue of over $2.5 billion, EBITDA of over $250 million over the last year and employ approximately 9,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.