Wind Point sells Citadel Plastics to Huntsman Gay

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Chicago-based Wind Point Partners has sold portfolio company Citadel Plastics to fellow private equity firm Huntsman Gay Global Capital.

Citadel’s existing management team will continue to lead the company following the deal and will maintain a stake in the business

The company was formed by Wind Point in 2007 in partnership with current CEO Mike Fitzpatrick, who ended a 30-year career at Rohm and Haas to join Citadel.

He said, “We were able to create significant value at Citadel Plastics through an aggressive growth strategy.

“During Wind Point’s ownership, we completed six acquisitions, expanding our 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.”

Last August Huntsman Gay backed the merger of Canadian portfolio company iCongo with multi-channel commerce software producer Hybris.

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