"TCG is a very strategic acquisition for Citadel, bringing outstanding expertise in material science technology, as is evidenced by its broad portfolio of proprietary engineered composites spanning BMC, SMC,TMC, and high-performance composites," said Mike Huff, CEO of Citadel. "The addition of TCG, our eighth acquisition since setting out to build a comprehensive materials solution provider, will significantly increase our presence in engineered composites and improve our positioning for future growth with existing and new customers in current and new end markets."
The Composites Group, headquartered in Cleveland, OH, offers a portfolio of engineered composite compounds, including fiberglass and carbon fiber compounds, and parts supported by research and development capabilities. TCG sells its compounds across end markets that include aerospace, automotive, defense, electrical, energy, heavy machinery and recreation.
"The addition of TCG expands Citadel's ability to fulfill a variety of customer needs across multiple sectors," said Kevin Andrews, president of Citadel Engineered Composites. "Like Citadel, TCG is critical to its customers' development initiatives. The combination of experience and greater global scale achieved through this transaction enhances both organizations' ability to partner with customers to provide innovative technical solutions."
"The combined businesses of Citadel and TCG create a complementary platform that is well positioned to serve the needs of our collective customer base today and in the future," said Terry Morgan, CEO of The Composites Group.
The acquisition of TCG will be the eighth plastics-related acquisition for Citadel since 2007 and the 39th overall acquisition since 2008 for HGGC, a middle-market private equity firm with a controlling interest in Citadel.