Citadel Plastics (West Chicago, IL), the owner and operator of Bulk Molding Compounds Inc. (BMCI) and The Matrixx Group Inc. has been acquired by middle-market private equity firm, Huntsman Gay Global Capital. Terms of the transaction were not disclosed, but Huntsman Gay did state in a release that Citadel's current management team will continue to lead the company and retain an ownership stake in the business.
BMCI is a supplier of thermoset compounds, including bulk molding compounds, that is also based in West Chicago, IL. The Matrixx Group is a specialty thermoplastic compounder based in Evansville, IN. Globally, Citadel employs more than 600 across 14 locations in seven countries. It was previously owned by Wind Point Partners. The two operating companies serve the automotive, health care, electrical, appliance, and construction markets.
Wind Point formed Citadel Plastics in March 2007 in partnership with Mike Fitzpatrick. Prior to joining Citadel Plastics as CEO, Fitzpatrick had a 30-year career with Rohm and Haas Company, most recently serving as President and COO. In a release from the company, Fitzpatrick noted that under Wind Point's ownership, Citadel completed six acquisitions, expanding the group's international footprint and adding new products and technologies. "With our broader product line, we were able to convert many customers from metals to plastics and realize strong revenue growth," Fitzpatrick said.
Huntsman Gay was founded by individuals with ties to the field of Republican presidential candidates in the 2012 election cycle: Jon M. Huntsman, father of former candidate Jon M. Huntsman Jr., and Robert C. Gay, a former managing director of Bain Capital, one-time employer of Mitt Romney, founded Huntsman Gay.
BMCI owner Larry Nunnery who sold the company to Windpoint, retained his position as CEO of BMCI through 2008. Nunnery bought BMCI in 1989 and grew the company from a $7 million/yr, single-plant business to its current $130 million/yr, seven-site portfolio. BMCI has production at two sites each in the U.S. and Mexico and one each in China, Germany, and Brazil. Nunnery's son, Len Nunnery, remains with BMCI, as its VP of global marketing.
Citadel's six plastics-related acquisitions since 2007 include Fiberfil Engineered Plastics Inc. in 2009, and its first acquisition, The Matrixx Group, in 2007.