One Rock Grabs Process Solutions
Search

One Rock Grabs Process Solutions

Publicly-traded Newell Brands has signed an agreement to sell its Process Solutions business to One Rock Capital Partners.

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 1,700 employees (click HERE for the company’s webpage).

“Process Solutions develops a wide variety of high-quality products that serve diverse end markets and surround us every day,” said Tony Lee, a managing partner of One Rock. “One Rock has substantial experience investing in specialty manufacturing businesses, and we intend to build upon the company’s success in delivering highly engineered solutions for its blue-chip customers.”

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 Tony Lee and Scott Spielvogel and is based in New York (www.onerockcapital.com).

“We believe that as a standalone business, Process Solutions can expand its offerings and bolster its global customer relationships,” said Scott Spielvogel, a managing partner of One Rock. “Working together with management and our operating partners, we look forward to growing the company through strategic acquisitions and operational and technological improvements.”

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.

This transaction is expected to close in the second quarter of 2019.

© 2019 Private Equity Professional | March 18, 2019

To search in site, type your keyword and hit enter