ColorMatrix Group

In 1985, business partners Michael Shaughnessy and John Haugh acquired a small, undercapitalized plastics colorant manufacturer, laying the foundation for what would become ColorMatrix. The company specialized in liquid color and additive concentrates for thermoplastics, a niche but critical component for industries producing items like beverage bottles and vinyl siding. Rather than follow a traditional path, Shaughnessy pioneered a "sales first" business model, prioritizing product sales over large upfront capital investments, which allowed the company to grow methodically. A key moment in the company's trajectory was a collaboration with The Coca-Cola Company. This partnership opened the door for ColorMatrix to expand its technology into the massive global market for PET resin coloring, used in beverage packaging. This strategic move solidified their expertise and market position. By the mid-2000s, the founders recognized they needed a capital partner to accelerate their global growth strategy. This led to a significant event in May 2006, when the private equity firm Audax Group acquired a controlling interest in the company for $175 million, with the founders retaining significant ownership and leadership roles. Under Audax, ColorMatrix expanded its global footprint, notably in Asia and through several add-on acquisitions. The journey culminated in December 2011, when PolyOne Corporation (now Avient) acquired ColorMatrix for $486 million, recognizing its immense value as a leader in a specialized, high-growth industry.