CenterOak Partners LLC has acquired a majority of Aakash Chemicals and Dye-Stuffs Inc. Financial terms weren’t announced. Aakash, of Glendale Heights, Illinois, supplies colorants, additives and other specialty chemicals.
DALLAS–(BUSINESS WIRE)–CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced that it has completed a majority investment in Aakash Chemicals and Dye-Stuffs, Inc. (“Aakash Chemicals” or the “Company”). 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,” said 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,” said Aakash Shah, Chief Executive Officer of Aakash Chemicals. “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 $420 million CenterOak Equity Fund I, L.P.
About Aakash Chemicals and Dye-Stuffs, Inc.
Founded in 1978, Aakash Chemicals is a supplier of colorants, additives and other specialty chemicals. The Company supplies products for use in a variety of industries, with a focus on plastics, coatings and graphic arts end markets. Aakash Chemicals is headquartered in Glendale Heights, Illinois. For more information, please visit www.aakashchemicals.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed nearly 100 acquisitions, representing over $3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.