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Arsenal Capital Partners eyes Charter brokerage exit

6 May 2014

oil_waste170sqPrivate equity firm Arsenal Capital Partners is reportedly looking to sell US logistics business Charter Brokerage after six years of ownership.

Other options for Charter Brokerage, which helps US oil and chemicals companies reclaim import taxes, include buying businesses in the same sector, Arsenal partner Timothy Zappala said in an interview with Reuters.

The unit could be valued at $500m, said the report, citing a source familiar with the matter. Charter Brokerage currently has annual revenues of around $65m to $70m.

“We’re a private equity firm, so we’re always open to selling companies at the right value, but I think that’s just one of the options we are considering for Charter considering their strong market growth dynamics,” said Zappala.

He also said that the firm has hired Morgan Stanley to review strategic options for Charter.

In February this year Arsenal hired former Bruckmann, Rosser, Sherrill & Co CFO Frank Scrudato as its own CFO and chief compliance officer.

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