Noahs Ark Chemicals, one of the UK’s leading chemical distribution businesses, has been acquired by Count Energy Trading, based in the Netherlands. Price Bailey, the top 30 accountants, advised Noahs Ark Chemicals on the sale.
The business has been acquired from Bharat Bhardwaj, the company’s founder, who established Noahs Ark Chemicals in Cambridge in 2001. Since then, the business has successfully established satellite operations in Belgium and Switzerland and trades across global markets, including China, Europe, India, South Korea, the Middle East, South America, and the United States.
This transaction will allow Count, a trading house specialising in chemicals, fuel components, and advanced recycling, to further deepen its presence in the chemical distribution market.
Jeroen Baaima, CEO of Count Energy Trading, comments: “We have known Bharat and Rashmi – the founders of Noahs Ark Chemicals – for many years and are proud they have put their faith in us to take their company to the next level.”
Bharat Bhardwaj, CEO of Noahs Ark further elaborated: “This acquisition will allow us to strengthen our capability to continue business growth. Mr. Jeroen Baaima will take over as CEO of the Noahs Ark Chemical Companies and I shall be working closely with him, with our teams, in ensuring success in this year ahead. With the support of the new owners, I will also be continuing my work on leading the development of the digital platforms of the chemical distribution industry via the GoBuyChem and Impratech ventures.”
Chand Chudasama, Partner at Price Bailey, comments: “We have seen an increase in business owners looking to cash out and retire since the start of the Covid-19 pandemic. Fortunately, the acquirer was in a position to finance the transaction with cash. This was important to getting the deal completed smoothly as High Street banks have shown themselves reluctant to finance deals on terms acceptable to management over the past year. This transaction puts the business on a firm footing for navigating the current economic headwinds and continued expansion.”
– Ends –
NOTES TO EDITORS
About Price Bailey
Price Bailey is a top 30 accountancy practice specialising in providing accountancy, tax and business advice to enable the growth of regional, national and international businesses. In addition to traditional accounting services, the firm has a range of specialists in many areas which combine to provide a complete, integrated business offering. These include tax consultancy, corporate finance, strategic planning, insolvency & recovery and employment law.
For more press information contact:
Tel: 020 3700 9141