One Rock Capital has sold its portfolio company Compass Chemical International to Italmatch Chemical Group, a portfolio company of Paris-based private equity firm Ardian.
Compass Chemical International (CCI) produces and sells organophosphonates (chemical compounds derived from phosphoric acid), polymers and other specialty additives that are used in water treatment and oil & gas applications. Founded in 1999, CCI operates a production facility in Smyrna, GA (headquarters) and a blending and warehouse facility in Huntsville, TX (www.compasschemical.com).
Italmatch Chemicals, acquired by Ardian in July 2014, produces lubricant oil additives, detergents, water treatments, oil & gas, plastics and phosphorus derivatives. Customers include major multinationals that are active in the chemical, petrochemical, detergents and oil & gas industries. Italmatch has annual revenues of approximately $390 million and operates six manufacturing plants in Europe (Italy, Spain, Germany and UK) and four in Asia (China and Japan). The company was founded in 1997 by Sergio Iorio, CEO. The company has 400 employees and is headquartered in Genoa, Italy (www.italmatch.it).
Compass is the first Italmatch manufacturing site in the US. “The acquisition of CCI strengthens our presence in the Americas markets in a strategic market segment, where we plan to keep investing in order to consolidate our position among the leading global players,” said Mr. Iorio.
One Rock makes control investments of $10 million to $60 million in companies with potential for growth and operational improvement. Sectors of interest include the chemicals and process industries; specialty manufacturing and healthcare products; business and environmental services; and automotive retail. One Rock has a strategic relationship with Mitsubishi Corporation – the firm’s largest investor – which provides strategic resources to One Rock and its portfolio companies. One Rock was formed in 2010 by Tony Lee and Scott Spielvogel and is based in New York (www.onerockcapital.com).
Ardian was founded in 1996 and has $55 billion of assets under management. The firm has 12 offices worldwide and is headquartered in Paris (www.ardian.com).
© 2016 Private Equity Professional • 6-8-16