Barentz International has entered into a definitive, written agreement to acquire Maroon Group. The acquisition, which is expected to close this quarter, will expand Barentz’ activities and is aligned with the company’s strategy to become a global leader in the life science and broader specialty chemicals industries. The terms of the acquisition were not disclosed.
Founded in 1977 and based in Avon, Ohio, Maroon generates an annual turnover of about $500 million and has approximately 300 employees. According to Barenz, Maroon will fit seamlessly into its global product portfolio and will have access to synergistic business development opportunities across all of North America. Terry Hill, CEO of Maroon Group, and the entire management team will continue to manage the operations.
“Terry Hill brings excellent experience and ‘know-how,’” said Hidde van der Wal, CEO of Barentz. “He also knows my home country The Netherlands and Europe very well and has been highly successful and active in the global ingredients industry for more than 30 years. We are very pleased that he will join the Management Board of Barentz and guide us, with his very talented team of approximately 300 specialists, towards a smooth continuation of excellence and growth of both companies.”
According to Hill, “The deciding factor was that Barentz is already a global business and this creates tremendous opportunities to strengthen our business in North America and internationally. Barentz is well-known across the industry, we share the same philosophy and entrepreneurial DNA, and is the best possible new home for the stakeholders across our business.”
Barentz reports that the acquisition will bring a series of synergies. “Our product portfolios are very complementary,” said van der Wal. “We have no conflicts of interest and we can learn a lot from each other. Maroon Group has significant scale in North America—the biggest economy of the world, where we were small, until today. The combination will immediately make Barentz a leading global distributor with an excellent opportunity to establish new business segments in North America. It is a natural combination that enables us to offer quality and expertise to our combined customer base.”