CenterOak Rebrands Aakash Chemicals

CenterOak Partners has rebranded its portfolio company Aakash Chemicals & Dye-Stuffs (Aakash) to Vivify Specialty Ingredients.

Vivify is a manufacturer and distributor of specialty colorants and other functional ingredients used in the personal care and cosmetics, food and beverage, packaging, plastics, coatings and seed treatment sectors. Today, Vivify operates through three divisions: Calico, a provider of flavors, colorants and specialty ingredients to the food and beverage market; Heritage Color, a supplier of liquid pigments used in the graphic arts and agricultural seed treatment sectors; and Sandream Specialties, a supplier of colorants, nutraceuticals, and cosmetic actives to the cosmetics and personal care industry.

CenterOak launched the new Vivify brand after completing two add-on acquisitions for Aakash and expanding the company’s product capabilities since acquiring the business in January 2017. In November 2017, Aakash acquired Canada-based Calico Food Ingredients, a manufacturer and distributor of food colorants and additives. Almost a year later, in October 2018, Aakash added on again with the buy of Sandream Impact, a New Jersey-based supplier of colorants (including pearlescent pigments), nutraceuticals, and cosmetic actives that are used in the cosmetic, personal care and nutritional markets.

“Following CenterOak’s partnership with Vivify, the company scaled through organic growth and strategic acquisitions, creating a more diverse product portfolio across a wider variety of industry sectors,” said Jason Sutherland, a managing partner at CenterOak. “The Vivify name better reflects the current vision as we continue to grow the Company’s portfolio of products under this new name while laying the foundation for the next phase of growth.”

Headquartered near Chicago in Glendale Heights, Vivify – led by CEO Devlin Riley – exports to more than 50 countries globally and manufactures its products through both company-owned and joint venture facilities in the US, India and China.

“We are excited to announce the rebranding to Vivify, reflecting our accelerated growth and showcasing our leadership in the specialty colorants and ingredients industry across multiple end markets,” said Mr. Riley.

Dallas-headquartered CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include industrial manufacturing and distribution, business services, and consumer products and services.

Last month, CenterOak closed its second fund, CenterOak Equity Fund II LP, with capital commitments of $690 million. The new fund was oversubscribed, closed above its $575 million target, and hit its hard cap.

© 2021 Private Equity Professional | May 11, 2021