Private equity firm CenterOak Partners has completed a majority investment in Aakash Chemicals and Dye-Stuffs.
Based in Glendale Heights, Illinois, Aakash Chemicals is a value-added supplier of colorants, additives and other specialty chemicals.
Terms of the transaction were not disclosed. Aakash Shah, who will retain significant equity interest in the company, will remain in his current role as chief executive officer.
Aakash Chemicals was founded in 1978 and has developed a strong position within the North American specialty chemical distribution industry. The company supplies a diverse base of customers with a variety of specialty items, focusing on technical products necessary to meet the performance requirements of the plastics, coatings and graphic arts end markets.
“CenterOak has a longstanding history of investing in family-owned and closely-held businesses to support their growth and facilitate succession planning,” says Randall Fojtasek, managing partner of CenterOak. “Aakash Chemicals represents a compelling opportunity to partner with a strong management team in the large and highly fragmented specialty chemical distribution industry. The CenterOak team has significant expertise in the distribution and chemicals space, as demonstrated by our proven track record. Aakash Chemicals’ attractive characteristics coupled with CenterOak’s experience create an ideal platform for continued success.”
“We are excited about joining CenterOak’s portfolio,” says Shah. “CenterOak’s investment facilitates an ownership transition for our family members and provides capital to expand operations and enter new markets. We are impressed by CenterOak’s history in growing businesses – both organically and through add-on acquisitions – and look forward to leveraging CenterOak’s expertise to expand our product offering and market coverage to better serve our customers.”
CenterOak Partners invested in the company with capital from its USD420 million CenterOak Equity Fund I.
