Citadel Plastics Holdings Inc. (Chicago, IL), a global provider of thermoplastic and engineered composite compounds, today announced that its owners, private equity firms HGGC and Charlesbank Capital Partners, have entered into a definitive agreement to sell the company to global plastics supplier A. Schulman (Fairlawn, OH) for $800 million. The transaction is expected to close in the second quarter of 2015.
Acquired by HGGC and Charlesbank in 2012, Citadel operates 21 production facilities in North America, Europe, Asia and Latin America. The company offers a broad portfolio of proprietary compounds to multiple industries including transportation, industrial & construction, consumer, electrical, energy and healthcare & safety.
During HGGC and Charlesbank's ownership, and in partnership with Citadel management, the company has significantly expanded its capabilities, geographic reach and customer base through organic growth and strategic acquisitions. Citadel added Lucent Polymers in 2013 and the Composites Group in late 2014.