We’ll continue to look to make more acquisitions in engineered thermoplastics and thermosets, and we’re going to explore our global options as well.
West Chicago, IL (PRWEB) July 28, 2010
Citadel Plastics Holdings, Inc., a portfolio company of Wind Point Partners, today announced it has completed the acquisition of substantially all of the assets of QTR, Inc. of Evansville, IN, through its Evansville-based subsidiary, The Matrixx Group. The assets of QTR and the engineered resins product line of The Matrixx Group will eventually be combined into a new company, Matrixx-QTR.
Rod Jackson, President of QTR, and Mary Perigo, Chief Financial Officer, will join Matrixx-QTR in the same roles. Rod Jackson stated, “This is a very beneficial and strategic alignment for QTR and The Matrixx Group and will enable Matrixx-QTR to offer a broader portfolio of products to our customers. We are looking forward to working with the rest of the Citadel team.” Mike Fitzpatrick, Chairman and CEO of Citadel, affirmed, “QTR employees will be staying with this acquisition, and we are excited to have them as new members of the Citadel team. We will continue to use the QTR brand name and product nomenclature to take advantage of their excellent positioning with customers.”
The purchase of the QTR assets is Citadel’s sixth plastics-related acquisition since 2007 and its most recent deal since Citadel acquired the assets of Fiberfil Engineered Plastics, Inc, of Stoney Creek, Ontario, in September 2009. The acquisition is “a great fit” said Mike Huff, Chief Operating Officer for Citadel. He stated, “We’ll continue to look to make more acquisitions in engineered thermoplastics and thermosets, and we’re going to explore our global options as well.”
About Citadel Plastics Holdings, Incorporated
Chicago based private equity investment firm, Wind Point Partners is the majority owner of Citadel Plastics Holdings, Inc. Citadel, a portfolio company, owns The Matrixx Group, a leading thermoplastic compounder, and BMCI, the world's largest supplier of bulk molding materials. Citadel is responsible for the design and execution of a value creation strategy in the plastics compounding market. Additional information is available at http://www.citadelplastics.com.
About Matrixx Group
The Matrixx Group is a leading independent compounder of thermoplastic resins serving the power tool, lawn and garden, appliance, automotive, HVAC, electronics and construction markets. The Matrixx Group’s product portfolio features compounded grades of nylon, ABS, polycarbonate, PBT, PET, polypropylene, polyethylene and engineering resin alloys. The Matrixx Group is headquartered in Evansville, Indiana, and has seven manufacturing sites; five within the United States and two in Italy. Additional information is available at http://www.matrixxgroup.com.
About QTR, Inc.
QTR, Inc. is located in Evansville, Indiana, and manufactures custom compounds based on recycled polycarbonate and other engineering resins. With annual sales of approximately $15 million, QTR operates three twin-screw and to single-screw extrusion lines. More than half the sales generated by the company are to the automotive market. Further information is available at http://www.customcompounding.com.
About Wind Point Partners
Wind Point Partners is a private equity investment firm with approximately $2.5 billion in capital under management. Wind Point focuses on partnering with top caliber executives to acquire middle market business where it can establish a path to value creation. Additional information about Wind Point Partners is available at http://www.wppartners.com.