AVON, Ohio, May 16, 2018 /PRNewswire/ -- Maroon Group LLC announced that it has acquired J. Tech Sales, a national distributor of specialty chemicals and ingredients. J. Tech's management team, led by Jeff Tannenbaum and Barry Tannenbaum, will remain in place and continue to actively manage the business as an operating vertical within Maroon Group. Messrs. Tannenbaum and Tannenbaum will become significant shareholders in Maroon Group, which is majority-owned by CI Capital Partners. This is Maroon Group's eighth add-on acquisition under CI Capital's ownership. Terms of the transaction were not disclosed.
Established in 1997, J. Tech Sales is a value-add distributor to the household, industrial & institutional (HI&I); Food & Beverage; Coatings; and Personal Care markets. Through its in-house laboratory, blue-chip product lines, and technically-oriented sales team, J. Tech Sales provides its customers and principal suppliers with a unique value proposition and end-market expertise. The transaction represents another example of successful entrepreneurs joining the Maroon team where they will be instrumental in executing Maroon Group's strategy going forward.
"J. Tech Sales is the preeminent specialty chemical and ingredient distributor in the North American HI&I market. This represents a strategic acquisition for us as we build upon existing positions in several core end-markets and continue expanding our value-add service offering," said Mark E. Reichard, President & CEO of Maroon Group. "Jeff, Barry, and the J. Tech team have fostered strong relationships across the industry and have built a sustainable business model that represents a great fit with our culture. We are thrilled to have them join our team," Reichard added.
"As part of Maroon Group, we look forward to working closely with the management team as we expand our geographical footprint and continue to invest in the technical capabilities that our customers and suppliers have come to rely upon," commented Jeff Tannenbaum, President of J. Tech Sales. Barry Tannenbaum, J. Tech's Executive Vice President added, "We are excited to lead Maroon Group's efforts in the HI&I market and I am confident our team will continue to thrive within their organization. We look forward to leveraging Maroon Group's world-class infrastructure and the scale of a larger organization, while maintaining an acute focus on our customers and principal partners."
Joost Thesseling, Managing Director at CI Capital, said, "This acquisition is a continuation of Maroon Group's strategy of acquiring leading businesses to expand the company's end market and geographic presence. The addition of the J. Tech Sales team broadens Maroon Group's technical services and capabilities, and furthers the company's reach into attractive specialty chemicals and ingredients markets."
About MAROON GROUP
Maroon Group (www.maroongroupllc.com) is a leading distributor of specialty chemicals and ingredients across North America. Based in Avon, Ohio, Maroon Group has thrived on creating success for customers by forming partnerships with leading manufacturers and supplying consistent products on time. Customers in the CASE, Plastics, Specialty Intermediates, CARE, and HI&I markets have come to rely on Maroon's technical sales team, exceptional customer service, and global sourcing capabilities. 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 is a leading North American private equity investment firm that has invested 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 inception, CI Capital and its portfolio companies have made over 280 acquisitions representing over $9 billion in enterprise value. For more information on CI Capital Partners, please visit www.cicapllc.com.
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SOURCE CI Capital Partners