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Citi Capital Strategies Advises Rite Systems and Ricon Colors on its Acquisition by Clariant
NEW YORK-(Business Wire)-August 7, 2008 - Rite Systems, Inc. and Ricon Colors, Inc., designers and producers of custom colorants and additives for the plastics industry have been acquired by Clariant, a global leader in the field of specialty chemicals and color and additive masterbatches.
Citi Capital Strategies, a leading provider of investment banking services to privately held businesses, served as the exclusive financial advisor to Rite Systems/Ricon Colors. Terms of the transaction were not disclosed.
"We are pleased to team our client with a quality buyer that offers some important synergies, including the potential for international expansion," said Ted Polk, Managing Director at Citi Capital Strategies.
"Our goal has always been to be a world-class provider of color solutions," stated Manu Jogani, who founded and served as president of Rite Systems, Inc. "Partnering with Clariant will provide the platform to expand our offerings to both domestic and international markets. In addition, we are excited to explore the synergies with Clariant's innovative research and development team to further enhance our value proposition for customers."
Dominik von Bertrab, Head of Clariant's Masterbatches Division, added, "Rite Systems/Ricon Colors is an excellent partner to expand our product and service offering in North America as well as other regions. Rite's outstanding reputation in liquid color will allow us to leverage this new competence in regions where Clariant enjoys strong market positions, such as Europe, Asia, and Latin America."
Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held and family owned businesses. Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs, corporate real estate investment banking services, and capital solutions for private businesses. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC. For more information, visit our website at www.citicapitalstrategies.com
Rite Systems, Inc. and Ricon Colors, Inc. are leading U.S. masterbatches suppliers with both liquid and solid masterbatches technology. The company designs and produces custom colorants and additives for leading customers within the plastics industry. The combined companies have annual sales of about $50 million. www.ritesystems.com www.riconcolors.com
Clariant is a global leader in the field of specialty chemicals. Strong business relationships, commitment to outstanding service and wide-ranging application know-how make Clariant a preferred partner for its customers. Clariant, which is represented on five continents with more than 100 group companies, employs around 21,000 people. Headquartered in Muttenz near Basel, Switzerland, it generated sales of CHF 8.5 billion in 2007. www.clariant.com
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