Citadel Plastics Holdings, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - September 3, 2009
PNC Mezzanine Capital today announced that its portfolio company, Citadel Plastics Holdings, Inc. has purchased the assets of Fiberfil Engineered Plastics, Inc. Based in Stoney Creek, Ontario, Canada, Fiberfil manufactures specialty thermoplastic compounds for the automotive, furniture and industrial markets. Citadel will transition Fiberfil's product line to existing Citadel plants in Guelph, Ontario, Evansville, Indiana and Houston, Texas. Mike Huff, Citadel's COO, said, "The addition of Fiberfil's technology, product line and customer relationships is an important step for us. We are proud to add Fiberfil's storied history of leadership to the Citadel family."
About PNC Mezzanine Capital
PNC Mezzanine Capital is focused on financing buyouts, recapitalizations and consolidation strategies in companies in a wide range of industries, including business services, niche manufacturing and value-added distribution. Since 1989, PNC Mezzanine Capital has been a stable, thoughtful mezzanine partner for sponsor groups, entrepreneurs and management teams. Our approach has been to underwrite the long-term business strategy of our portfolio companies allowing us to respond constructively to the opportunities and challenges of the changing business environment. We seek to invest $10 million to $45 million in subordinated debt and equity in companies with strong management teams, proven business models and stable cash flows with a clear avenue for growth, and can lead transactions of up to $60 million.
About Citadel Plastics Holdings, Inc.
Headquartered in Radnor, Pennsylvania, Citadel Plastics Holdings, Inc. is a platform investment vehicle formed by Wind Point Partners to acquire manufacturers of specialty plastics compounds. Citadel is led by CEO Michael Fitzpatrick and CFO Matthew McDonald, two veteran executives with over 40 years of combined experience in the specialty chemicals industry. In March 2007, Citadel made its first investment in The Matrixx Group, Inc., a leading manufacturer of specialty thermoplastic resins headquartered in Evansville, Indiana. In May 2008, Citadel completed the acquisition of Bulk Molding Compounds, Inc., a manufacturer of thermoset compounds used in electrical, automotive and household appliance applications when characteristics like heat resistance, electrical conductivity and chemical resistance are critical to performance. In August 2008, Citadel purchased the assets of Aclo Compounders, a manufacturer of specialty thermoplastic resins based in Cambridge, Ontario. In April 2009, Citadel acquired the Brazilian operation of Meridian Automotive Systems, Inc., which manufactures bulk molding compounds and sheet molding compounds for the automotive, appliance and electrical markets in Brazil.
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Douglas P. Brosius
PNC Mezzanine Capital