Berkshire Hathaway buys oil logistics business Charter Brokerage
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Friday said it was buying oil industry logistics provider Charter Brokerage from private equity firm Arsenal Capital Partners.
"Charter Brokerage is a high quality business with consistently strong financial performance that fits well within Berkshire Hathaway," Buffett, the chairman and chief executive officer of Berkshire, said in a statement.
The statement did not disclose the value of the acquisition.
Requests for comment to Berkshire Hathaway and Charter were not immediately returned. Arsenal declined to comment.
Berkshire Hathaway often grows by acquisitions, and the conglomerate now comprises dozens of businesses from ice cream to insurance.
Last month, for example, Berkshire acquired Procter & Gamble Co's (PG.N) Duracell battery unit. [ID:nL3N0T362C]
Charter is a U.S. petroleum and chemical drawback services provider. A drawback is the refund of import duties and taxes on a product when a form of that same product is exported. Charter Brokerage connects importers and exporters in the petroleum and petrochemical industries to arrange such refunds.
Earlier this year, a source familiar with Arsenal's potential sale of Charter valued the company at up to $500 million. [ID:nL3N0NN4KK]