LeBaronBrown buys stake in American International Chemical
US-based private investment firm LeBaronBrown Industries has acquired a majority stake in specialty chemical and ingredients distributor American International Chemical (AIC).
Under the agreement, AIC's management team will be led by its president and founder Mike Schrage and continue to manage the business.
AIC noted that the latest transaction will strengthen the position of the company for long-term, continued growth.
AIC has changed its legal status from American International Chemical Corporation to American International Chemical as part of the deal.
American International Chemical president Mike Schrage said: “The investment puts AIC in the best position for future growth, building upon the success of our dedicated AIC team.”
AIC has changed its legal status from American International Chemical Corporation to American International Chemical as part of the deal
LeBaronBrown co-founders Simon Brown and Matt LeBaron said: “The company's high-quality, multi-decade performance history and reputation as a premier specialty chemical and ingredients provider made it an ideal choice.
“We look forward to the opportunity to provide resources and support to the existing management team to fuel continued growth."
AIC will join Charkit Chemical Company, which was purchased in June last year, under the same parent company.
The companies have not disclosed the terms of the transaction.
AIC is a specialty chemical, raw materials, and ingredient supplier and serves the food, pharmaceutical, nutrition, personal care, biotech, and industrial markets of North America.