Aakash Chemicals manufactures 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 CEO.
Aakash Chemicals was founded in 1978 and has developed a strong position within the North American specialty chemical distribution industry. The company supplies customers with a variety of specialty items, focusing on technical products for the plastics, coatings and graphic arts end markets.
“Aakash Chemicals represents a compelling opportunity to partner with a strong management team in the large and highly fragmented specialty chemical distribution industry,” said Randall Fojtasek, managing partner of CenterOak. “The CenterOak team has significant expertise in the distribution and chemicals space, as demonstrated by our proven track record.”
“CenterOak’s investment facilitates an ownership transition for our family members and provides capital to expand operations and enter new markets,” Shah said.
CenterOak Partners invested in the company with capital from its $420 million CenterOak Equity Fund I, L.P.