Berkshire Hathaway, a US conglomerate, has announced that it is acquiring Charter Brokerage, a non-asset based third party logistics provider to the petroleum and chemical industries, from Arsenal Capital Partners, a private equity firm.
Warren Buffett, Chairman and Chief Executive Officer of Berkshire Hathaway said, “Charter Brokerage is a high quality business with consistently strong financial performance that fits well within Berkshire Hathaway.”
“We are very pleased to have worked with Bobby Waid and his management team to grow the business over the past seven years,” said Roy Seroussi, a Principal in Arsenal’s Specialty Industrials practice.
“During our partnership we entered new markets and expanded into further service lines through organic initiatives and acquisitions. Charter is a great fit with Berkshire Hathaway and we wish them further success,” added Jeffrey Kovach, co-founder and Partner of Arsenal.
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