Citadel Plastics Holdings Inc. has acquired Lucent Polymers Inc. for an undisclosed price.
Evansville, Indiana-based Lucent will continue to manufacture its existing products, as well as produce Citadel’s own brands, including Matrixx, Aclo, QTR and Fiberfil. Citadel Plastics produces specialty compounds for applications in the automotive, health care, electrical, appliance and construction markets.
HGGC chairman Gary Crittenden, who served as HGGC's chief financial officer until 2012 and before that was CFO of Citigroup Inc., says the deal once again allows Citadel “to grow through strategic acquisition and integration” of complementary businesses.
The purchase of Lucent Polymers is the seventh plastics-related acquisition for Citadel since 2007 and is the 31st acquisition for HGGC, a Palo Alto, Calif. private equity firm that took over Citadel in March 2012. In 2013, HGGC completed the sale of commerce software maker Hybris Software to SAP AG (NYSE: SAP), and acquired MyWebGrocer Inc., which provides digital marketing services for grocery stores.