- Asbury was founded in 1895 by Harry M. Riddle
- Deloitte Corporate Finance LLC acted as financial advisor to Asbury on the transaction
- Mill Rock Capital invests in middle market industrial businesses in North America
Mill Rock Capital has formed a new platform, Mill Rock Advanced Materials, which is focused on investments in the advanced materials and industrial additives solutions markets. No financial terms were disclosed.
In conjunction with this announcement, Mill Rock Advanced Materials has acquired Asbury Carbons Inc, an Asbury, New Jersey-based provider of advanced materials, specializing in carbon additive solutions for a wide range of end markets and applications. Also, Stephen A. Riddle has made a significant investment in the company and will remain on its board of directors. Financial terms of the transaction were not disclosed.
In connection with the transaction, Mill Rock has appointed Gregg A. Jones as Asbury’s chairman and CEO. Previously, Jones was CEO of EP Minerals. Scott Palm has joined as senior vice president strategy and innovation, having previously served in a similar role at EP Minerals. Eric Walmet, formerly of Ingevity Corporation, has joined Asbury as senior vice president operations. Noah Nichelson will remain president and chief operating officer. Ed Rose, Mill Rock senior partner, will join Asbury’s board of directors.
Mill Rock Co-Founders Christopher Whalen and Adi Pekmezovic said in a statement, “We are incredibly honored that the Riddle family has entrusted us with the business they started nearly 130 years ago. We are eager to continue their legacy and invest in the company’s next phase of growth and product innovation. Asbury pioneered the North American graphite market and is the consummate foundation upon which to build an advanced materials platform.”
Moelis & Company LLC, PJT Park Hill, Alvarez & Marsal Transaction Advisory Group, White & Case LLP, Foley & Lardner LLP and Advancy advised Mill Rock Capital on the transaction. PNC Bank, N.A. provided debt financing. Deloitte Corporate Finance LLC acted as financial advisor to Asbury on the transaction.
Asbury was founded in 1895 by Harry M. Riddle.
Mill Rock Capital invests in middle market industrial businesses in North America.