ColorMatrix, the Cleveland-based market leader in liquid colouring systems, has been acquired by private equity firm Audax Group for an undisclosed sum. The existing management, led by co-chief executive officers John Haugh and Michael Shaughnessy, will remain significant investors in the company.
Audax co-chief executive Geoffrey Rehnert says the new owner plans to accelerate ColorMatrix’s growth by global expansion and completing selective add-on acquisitions. The Boston-based equity firm, which numbers Dynisco among its subsidiaries, manages more than $2bn (E1.6bn) in equity and debt capital, and specialises in investing in middle market companies.
ColorMatrix is a global player in liquid colour and additive concentrates serving customers in blow moulding, extrusion and performance moulding with a particularly strong position in PET colouring. It has a UK facility at Knowsley, near Liverpool.
