M&A Deal Summary

Citadel Plastics Holdings Acquires Lucent Polymers

On December 9, 2013, Citadel Plastics Holdings acquired plastics company Lucent Polymers from Northstar Capital and River Associates

Acquisition Highlights
  • This is Citadel Plastics Holdings’ 1st transaction in the Plastics sector.
  • This is Citadel Plastics Holdings’ 2nd transaction in the United States.
  • This is Citadel Plastics Holdings’ 2nd transaction in Indiana.

M&A Deal Summary

Date 2013-12-09
Target Lucent Polymers
Sector Plastics
Buyer(s) Citadel Plastics Holdings
Sellers(s) Northstar Capital
River Associates
Deal Type Add-on Acquisition

Target

Lucent Polymers

Evansville, Indiana, United States
Lucent Polymers, Inc. is a supplier of highly engineered compounds that leverages sustainable inputs and has differentiated itself in the U.S. compounding industry through its proven ability to formulate, source and utilize various low-cost feed streams to meet exacting specifications.

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Buyer(S) 1

Buyer

Citadel Plastics Holdings

West Chicago, Illinois, United States

Category Company
Founded 2007
Sector Plastics
DESCRIPTION

Citadel Plastics Holdings, Inc. is a composite plastics company that produces thermoset and thermoplastic compounds for specialty product applications in the automotive, electrical, construction, HVAC, and appliance markets.


DEAL STATS #
Overall 2 of 3
Sector (Plastics) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (Indiana) 2 of 2
Country (United States) 2 of 3
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-14 The Matrixx Group

Evansville, Indiana, United States

The Matrixx Group, Inc. compounder of thermoplastic resins serving the power tool, lawn and garden, appliance, automotive, HVAC, electronics and construction markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-13 The Composites Group

North Kingsville, Ohio, United States

The Composites Group provides a comprehensive portfolio of engineered composite compounds, including high-performance fiberglass and carbon fiber compounds, and parts supported by industry leading research and development capabilities. TCG sells its compounds and complete product solutions to a diverse set of customers across end markets that include aerospace, automotive, defense, electrical, energy, heavy machinery and recreation.

Buy -

Seller(S) 2

SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 25 of 80
Sector (Plastics) 2 of 2
Type (Add-on Acquisition) 8 of 27
State (Indiana) 1 of 2
Country (United States) 24 of 76
Year (2013) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-03 St. Croix Hospice

Oakdale, Minnesota, United States

St. Croix Hospice is a provider of hospice services. The Company delivers both hospice and a broader network of concurrent comfort and support services that are tailored to patients' and their family's individual needs and circumstances. St. Croix Hospice was founded in 2008 and based in Oakdale, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-14 Windy City Wire Cable & Technology Products

Bolingbrook, Illinois, United States

Windy City Wire Cable & Technology Products LLC is a distributor of high-end, low-voltage wire, cable, and related low-voltage devices (cameras, DVRs, relays, etc.) serving the security, access control, CCTV, fire alarm, and home automation markets. The wire and cable are sold under the SmartWire brand name. Windy City Wire was formed in 1994 and is based in Bolingbrook, Illinois.

Buy -
SELLER

River Associates

Chattanooga, Tennessee, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

River Associates is a private equity firm that targets buyouts, divestitures and recapitalizations of lower middle-market companies. River looks for investments in manufacturing, high-margin distribution, industrial services and 'non-faddish' retail companies. The Firm focuses on companies located in the US and Canada with minimum sales of $15 million and EBITDA of $3 to $12 million. River Associates avoids investing in heavily regulated industries as well as start-up, high-technology, commodity or natural resource companies. River Associates was formed in 1989 and is based in Chattanooga, Tennessee.


DEAL STATS #
Overall 13 of 25
Sector (Plastics) 1 of 1
Type (Add-on Acquisition) 3 of 7
State (Indiana) 1 of 1
Country (United States) 12 of 24
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-19 Compass Health Brands

Middleburg Heights, Ohio, United States

Compass Health Brands is a provider of bath safety, durable medical equipment, health aids, medication compliance, mobility, pain management, personal care, respiratory, and sleep therapy serving both professional and consumer markets. Compass Health Brands was founded in 1993 and is based in Middleburg Heights, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-21 TMI International

Pittsburgh, Pennsylvania, United States

TMI International LLC is a manufacturer and value-added distributor of industrial products, including strip doors, air doors, industrial curtains and separators, loading dock accessories, and flexible PVC products. The Company sells its products through distributors, catalog houses, and purchasing groups to a wide range of customers. Its end users include warehouses, manufacturing facilities, distribution centers, retail non-food facilities, restaurants, and food processing facilities.

Buy -