Lower middle-market private equity firm One Rock Capital Partners has raised $431.5 million in the final close of its initial fund. The target was $300 million. The fund’s LPs include government and corporate pension plans, insurance companies and health organizations. Greenhill & Co. was the placement agent.
NEW YORK, April 24, 2014 /PRNewswire/ — One Rock Capital Partners, LLC (“One Rock”), a leading lower middle-market private equity firm, announced the final closing of One Rock Capital Partners, LP (the “Fund”), held on February 28, 2014. The firm accepted $431.5 million in total capital commitments, surpassing its fundraising target of $300 million.
This is the first private equity fund raised by One Rock, which targets controlling stakes in lower middle-market companies in North America, primarily in situations characterized by complexity. One Rock was formed in 2010 by Tony W. Lee and R. Scott Spielvogel, formerly Managing Directors at Ripplewood Holdings. Mitsubishi Corporation is One Rock’s strategic partner and largest investor.
Managing Partner Scott Spielvogel commented, “We are extremely grateful for the trust the institutional investor community has placed in One Rock. We look forward to continuing to build our reputation as a leading sponsor in complex situations in the lower middle-market.” Managing Partner Tony Lee said, “We are pleased that our in-house Operating Partners, our relationship with Mitsubishi, and our investment approach have resonated as distinguishing factors for investors. We believe we have unique resources to help companies achieve long-term value creation.”
The Fund’s investor base consists of a diverse set of government and corporate pension plans, insurance companies, health organizations, endowments and foundations, and high net worth families. The Fund currently has three investments, including Petroplex Acidizing, Kova International, and Summit Research Labs. Petroplex is a leading independent provider of chemical treatment and logistics services to oil companies in the Permian Basin. Kova is a developer, manufacturer and marketer of branded in-vitro diagnostic products for the urinalysis market. Summit is a global leader in the production of active ingredients for antiperspirants.
Greenhill & Co., LLC served as placement agent, and Debevoise & Plimpton LLP served as legal counsel in the formation of One Rock Capital Partners, LP.
In December, One Rock previously announced that it exited its prior investment in Dixie Electric in a sale to an affiliate of First Reserve.
About One Rock
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 enhancing its profitability to enhance long-term value. One Rock also has a unique strategic relationship with Mitsubishi Corporation, which can provide strategic resources to One Rock and its portfolio companies, including access to potential new business partners, market intelligence, and low-cost sourcing through increased purchasing power globally. For more information, visit www.onerockcapital.com