CenterOak Partners LLC has made a majority investment in Aakash Chemicals and Dye-Stuffs Inc., a family-owned manufacturer of colorants and chemical pigments. CenterOak invested in Aakash Chemicals using the firm’s first fund with nearly $420 million in capital, CenterOak Equity Fund I. Financial terms of the deal were not disclosed.
Aakash Chemicals was founded in 1978 to serve the North American chemical distribution sector. The target supplies liquid colorants, pigments, resins, additives, dyes and fine chemicals to a variety of industries including: plastics, coatings, agriculture, applications, textile and paper, inks and graphic arts markets. Aakash Shah will retain a significant equity interest in the company as part of the deal, and will also remain in his current role as CEO. Aakash Chemicals is based in Glendale, Illinois.