One Rock Closes Newell Carve-Out
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One Rock Closes Newell Carve-Out

One Rock Capital Partners has closed its buy of the Process Solutions business of publicly-traded Newell Brands.

Process Solutions manufactures custom-designed plastic, nylons, monofilament, and zinc products that are used in health care, consumer, and industrial applications. The business is also the primary supplier of copper-plated zinc penny blanks to the United States mint as well as a supplier of coinage to other countries. In 2018, net sales for the business were approximately $640 million. Process Solutions, led by CEO Chuck Villa, is headquartered in Greenville, SC and operates out of 19 facilities across the US, UK and Puerto Rico with approximately 1,800 employees (click HERE for the company’s webpage).

“The acquisition of Process Solutions represents a prime example of our corporate carve-out expertise and ability to identify high-potential standalone businesses in the specialty manufacturing sector,” said Scott Spielvogel, a managing partner of One Rock. “We look forward to working alongside management to capitalize on the significant growth opportunities ahead.”

One Rock invests in companies that are active in the chemicals and process industries; specialty manufacturing and healthcare products; business and environmental services; and food manufacturing and distribution. One Rock has a strategic relationship with Mitsubishi Corporation which provides resources to One Rock and its portfolio companies.  The firm was formed in 2010 by managing partners Tony Lee and Scott Spielvogel and is based in New York (www.onerockcapital.com).

“We are pleased to collaborate with the Process Solutions team and our operating partners to execute on strategic initiatives aimed at enhancing the company’s high-quality product offerings, deepening its global customer relationships, and instilling operational excellence throughout the business,” said Mr. Lee.

Newell Brands (NASDAQ: NWL) is a global consumer goods company with a portfolio of well-known brands including Paper Mate, Sharpie, Elmer’s, Coleman, Sunbeam, Mr. Coffee, Graco, Calphalon, Rubbermaid, Yankee Candle, and many others. The company has annual revenues of approximately $15 billion and is headquartered in Hoboken, NJ (www.newellbrands.com).

Credit Suisse Securities was the financial advisor to Newell Brands.

© 2019 Private Equity Professional | May 2, 2019

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