One Rock Capital

One Rock Capital Partners LLC

Year founded: 2010

Former firm: Ripplewood Holdings

Key executives: Tony Lee and Scott Spielvogel are former managing directors at Ripplewood Holdings, where the two were among the seven deal partners on the investment committee. Lee was not a founder of Ripplewood but was one one of the earliest members of that firm, which was founded in 1995. Lee joined Ripplewood in 1997 after working in the M&A group at Salomon Brothers in New York. Lee’s focus was on the global chemicals and industrial sectors.

Spielvogel joined Ripplewood in 2005 from Windward Capital Partners, a private equity firm based in New York, which he joined in 1998 after working with CIBC Oppenheimer’s High Yield and Merchant Banking Group (formerly known as The Argosy Group). At Ripplewood Holdings, he had responsibility for investments in the telecommunications and business services sectors.

Key backers: n/a

Fundraising status: The firm is in the market for an inaugural fund said to be $250 million, but the fund has not yet held a close, according to the Thomson One private equity database.

Secret sauce: One way that One Rock differentiates itself is through Lee’s strategic relationship with Mitsubishi Corp., a source told Buyouts in July. Mitsubishi formed a partnership with Ripplewood Holdings in 1996, investing in their funds and providing a gateway of sorts to deal opportunities in Japan.

The firm seeks to make equity investments of $10 million to $50 million in mature companies. Target industries include chemicals and processing Industries, such as packaging; industrials and consumer durables; business and environmental services; health care products; and auto retailing.

Early track record: The firm’s Web site lists one portfolio company, Dixie Electric, a distributor of electrical supplies and materials and a provider of electrical contracting services to oil exploration and production companies, based in Odessa, Texas.

Spielvogel also was a director of RSC Holdings Inc., a Scottsdale, Ariz.-based provider of fleet and equipment rental, according to the Thomson One private equity database. The company, acquired by Ripplewood Holdings and Oak Hill Capital Partners through a recapitalization in 2006, went public in 2007, raising $458.3 million, and was acquired by United Equipment Rentals in April.