Berkshire Hathaway has announced the acquisition of Charter Brokerage from New York-based private equity firm Arsenal Capital Partners.
Charter Brokerage describes its business as “a leading global trade services company providing complete customs, import, export, drawback and related services. Founded in 1994, our mission is to provide full-service and compliance-focused customs services to importers and exporters in the U.S. and Canada.”
In a statement issued by Berkshire Hathaway, Warren Buffett said, “Charter Brokerage is a high quality business with consistently strong financial performance that fits well within Berkshire Hathaway. We are delighted to partner with Bobby Waid, CEO, and its current management team.”
According to the company’s website, Charter Brokerage started as company serving the petroleum and airline industries, It now provides services to a large variety of industries, including chemicals, petrochemicals, biofuels, industrial machinery and equipment, metals and food products.
The company proclaims that “No firm matches our experience with the complex rules that govern the payment of drawback. We recover more duties, taxes and fees for our clients than any other firm.”
No financial details of the acquisition cost were released, but Fortune reported that Charter Brokerage had a valuation in the range of $500 million.
© 2014 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.