U.S. Chemicals Acquired
Terms of the transaction were not disclosed. Maroon Group said in a news release that U.S. Chemicals’ management team will remain in place and will continue to manage the business.
U.S. Chemicals, founded in 1960, supplies specialty chemicals to the lubricants, plastics and associated industries, Maroon Group said in the release.
Mark E. Reichard, president and CEO of Maroon Group, said in the release, “The opportunity to build on the customer and supplier relationships that U.S. Chemicals has fostered over its history is very important for our organization as we execute our growth strategy.” He said the acquisition “significantly broadens our product portfolio, service offerings and customer base.”
A Maroon Group official said in an email that the company would not disclose the number of employees and revenues at Maroon Group and U.S. Chemicals.
This is the second acquisition of 2016 for Maroon Group.
In January, it bought Hurst, Texas-based CNX Distribution for an undisclosed amount.
Plastics News, a sister publication of Crain’s Cleveland Business, reports that Maroon Group “has been active in the acquisitions field since being acquired itself in June 2014 by New York private equity firm CI Capital Partners LLC.”