Charkit Chemical Company LLC ("Charkit" or the "Company") announced today that LeBaronBrown Industries LLC ("LeBaronBrown") has made an investment as a new, long-term majority shareholder in Charkit. Charkit's management team, led by its President and Founder Charlie Hinnant, will continue to manage the business.
Terms of the transaction were not disclosed. As part of the agreement, the Company has changed its legal status from Charkit Chemical Corporation to Charkit Chemical Company LLC.
Founded in 1982, Charkit is currently celebrating its 35th year of operations and has undertaken this transaction to position the Company for ongoing growth, including entry into new markets, forging agreements with distribution partners, and pursuing selective acquisitions of other specialty chemical distributors. LeBaronBrown is a private investment firm with a multi-decade orientation and will dedicate its capital and resources to supporting the growth of Charkit over the long term.
"We're excited about the vision for Charkit's future and thrilled to be partners with LeBaronBrown," said Mr. Hinnant. "The investment in our company recognizes the hard work our management team has put into successfully building Charkit over the last 35 years and also recognizes the tremendous opportunities for growth that lie ahead for us."
Simon Brown and Matthew LeBaron, founders of LeBaronBrown, added "Charlie and the team at Charkit have built a superb company over time. We are delighted at the opportunity to partner with Charkit and provide resources to support the ongoing growth of the Company.
Building on the Company's operating excellence, we will be actively seeking complementary acquisitions in the specialty chemical distribution industry."
For more information, visit www.charkit.com.