Audax Group announced it has completed the sale of ColorMatrix Corporation (“ColorMatrix”) to PolyOne Corporation (NYSE:POL). Headquartered in Berea, Ohio, ColorMatrix is the world’s largest manufacturer of liquid color and additive concentrates for thermoplastic products. ColorMatrix serves customers which manufacture beverage containers, injection molded consumer goods, and PVC products used in construction. Audax acquired ColorMatrix in May 2006 and subsequently sourced and integrated four add-on acquisitions, building the company into a clear leader in its niche.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “John Gelp and his management team have done an extraordinary job working with us to build ColorMatrix through organic and acquisition-driven growth initiatives. We grew the company through greenfield expansion in China, integrating four add-on acquisitions, and implementing operational improvements across the company. We wish John and his team continued success.”
John Gelp, President & CEO of ColorMatrix, said “This is a very positive outcome for our company. The combined effort of our management team and employees was critical in achieving this successful transaction. Audax Group was a great resource for us; their experience sourcing and integrating add-on acquisitions on a global scale was key to helping us build our business.”
Robert W. Baird & Company, Inc. and Grace Matthews, Inc. represented ColorMatrix. Ropes & Gray LLP served as counsel to Audax Group.