Lucent Polymers is Sold to Citadel Plastics
Chattanooga, TN, December 6, 2013
River Associates Investments, LLC (“River Associates”), a leading lower middle market private equity firm based in Chattanooga, TN, announced the completion of the sale of its portfolio company, Lucent Polymers (“Lucent”), to Citadel Plastics Holding, Inc on December 6, 2013.
Lucent Polymers, headquartered in Evansville, Indiana, is a leading supplier of highly engineered compounds that leverages sustainable inputs and has differentiated itself in the U.S. compounding industry through its proven ability to formulate, source and utilize various low-cost feed streams to meet exacting specifications. Over the past seven years, Lucent exceeded the industry’s growth rate by more than 95 percent.
“River Associates was an excellent partner for Lucent. They supported the business, as we needed, to succeed in executing our strategy for growth. They made multiple staged investments in equipment, building and plant infrastructures which increased our capacity to grow sales. They provided legal and other administrative help as needed or requested which allowed us to stay focused on the business. And, as we grew, they were very helpful and supportive when key additions to staff were needed,” said Kevin Kuhnash, Lucent’s Chief Executive Officer.
“We are very pleased with the outcome we have achieved with Lucent.” said Mike Brookshire, Partner with River Associates. “The Company has been guided by an outstanding management team and over the course of our investment enhanced its operating capabilities and successfully built one of the most uniquely positioned polymer compounding operations in the country.”