HGGC, Charlesbank to Sell Citadel Plastics for $800M
March 17, 2015
HGGC and Charlesbank Capital Partners have entered into a definitive agreement to sell portfolio company Citadel Plastics Holdings to A. Schulman (NASDAQ: SHLM) for $800 million. The transaction, which is expected to close in 2Q, represents a sale price of nearly 10.6x the company's EBITDA of $75 million. Operating 21 production facilities around the world, Citadel is a provider of thermoplastic and engineered composite compounds to a diverse customer base that spans the transportation, industrial & construction and energy sectors, among others. HGGC and Charlesbank have backed the company since 2012.