Innophos, a producer of essential ingredients, has voted to approve and adopt the previously announced acquisition of One Rock Capital Partners. One Rock will acquire all of Innophos’ outstanding shares for $32 per share in cash in a transaction valued at approximately $932 million, including the assumption of debt. The deal is expected to close in February 2020.
CRANBURY, N.J.–(BUSINESS WIRE)–Innophos Holdings, Inc. (“Innophos” or the “Company”) (NASDAQ:IPHS), a leading international producer of essential ingredients, announced that at a special meeting of stockholders held today, the Company’s stockholders voted to approve and adopt the previously announced acquisition of the Company by an affiliate of One Rock Capital Partners, LLC (“One Rock”), a leading middle-market private equity firm.
Innophos stockholders overwhelmingly approved the transaction, with more than 99 percent of the votes cast at the special meeting voting in favor of the merger agreement, representing approximately 83 percent of issued and outstanding shares of Innophos common stock as of November 25, 2019, the record date for the special meeting.
The Company’s stockholders also approved, on a non-binding advisory basis, the compensation that may be paid or may become payable to the Company’s named executive officers in connection with, or following, the consummation of the merger contemplated by the merger agreement.
The closing of the transaction is anticipated to occur in February 2020. At the closing, Innophos will become a privately held company and shares of Innophos’ common stock will no longer be listed on any public market.
Innophos is a leading international producer of essential ingredients. We partner with world-leading health & nutrition, food & beverage and industrial brands to create science-based solutions that improve quality of life. Our knowledgeable teams apply science to unlock the potential that lies within the blends and formulations that we deliver. Forward-thinking and people-centric at heart, we execute with purpose and efficiency to create value in everything we do.
Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the United States, in Canada, Mexico and China. For more information, please visit www.innophos.com
About One Rock Capital Partners, LLC
One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.