Charkit Acquires US Distributor ChayseChem
US specialty chemical supplier Charkit Chemical, a subsidiary of LBB Specialties, has acquired ChayseChem, a North American distributor of fine chemicals, custom manufactured intermediates and APIs. Financial terms of the deal were not revealed.
Privately held ChayseChem represents manufacturers in the US, Canada, Mexico and Puerto Rico. Since its formation in 2010, it has also served as a distributor for Framochem, a Hungarian-based company that is a subsidiary of VanDeMark, a leading North American producer of merchant phosgene. As a result of the deal, North American rights for Framochem’s products, namely phosgene derivatives, including acid chlorides, carbonates and other fine chemicals, have passed to Charkit.
Charles Hinnant, president of Charkit Chemical and also president and CEO of LBB Specialties, said the acquisition is further evidence of how expansion forms the cornerstone of its growth strategy. He added: “We are looking for companies that would fall into the “tuck-in” category (up to $50 million), as well as larger businesses in the range of $100 million, which would become platform companies along with Charkit and AIC. Of particular interest are companies with a large brand identity and owners who are not quite ready to retire and want to manage the growth of their individual brands under the auspices of LBB.”
LBB Specialties is a subsidiary of LeBaronBrown Industries, a US investment company based in New York, USA. As well as Charkit, LBB’s other subsidiary is American International Chemical.
