July 12 2018, David R Brown
Leading U.S. specialty chemical & ingredients distributor Charkit acquires assets of ChayseChem, Inc.
The Charkit Chemical Company of Norwalk, CT, a subsidiary of LBB Specialties LLC, has acquired the assets of ChayseChem, Inc., a North American distributor of fine chemicals and custom manufactured intermediates and APIs to the life sciences, agrochemicals and specialty chemical industries.
We are looking for companies that would fall into the 'tuck-in' category (up to USD 50m), as well as larger businesses in the range of USD 100m which would become platform companies along with Charkit and AICCharles Hinnant
President of of both Charkit and LBB Specialties
ChayseChem was established in 2010 as a privately held distributor representing manufacturing partners in the U.S., Canada, Mexico, and Puerto Rico. Since that time, ChayseChem has served as a distributor for Framochem KFT, a Hungarian-based Vandemark company that specializes in the manufacture of a wide range of phosgene derivatives, including acid chlorides, carbonates, and other fine chemicals. With this transaction, Charkit has acquired the North American distribution rights for Framochem products and other materials represented by ChayseChem, as well as access to ChayseChem's ISO9001-certified custom API manufacturing services.
Charles Hinnant, President of of both Charkit and LBB Specialties, stated, “This acquisition, along with new supplier relationships, is further evidence of how our expansion forms the cornerstone of the LBB Specialties growth strategy. We are looking for companies that would fall into the 'tuck-in' category (up to USD 50m), as well as larger businesses in the range of USD 100m 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.”
Chris Klumph, formerly Vice President of Business Development at ChayseChem, will be joining the Charkit sales organisation. Chris will be providing sales support for both the existing Charkit product library and the new products and services added by the ChayseChem acquisition.
About Charkit Chemical Company
Founded in 1982 by its President, Charles Hinnant, Charkit Chemical Company LLC offers a wide range of high-demand products to customers in the personal care, food, flavor & fragrance, water treatment, imaging, metal treatment, nutritional, pharmaceutical and specialty chemicals markets. For companies that require customized specialty chemical solutions, Charkit also provides custom sourcing, manufacturing, technical assistance and product development services through its partners. In 2017, Charkit received an equity investment from LeBaronBrown Industries LLC and became a subsidiary of LBB Specialties LLC. With the acquisition of American International Chemical LLC (AIC) in 2018, LBB Specialties' annual sales surpassed USD 200 million, further validating the company's position as a leader in the North American specialty chemical and ingredients distribution industry.
Source(s): Charkit Press Release