Firm: One Rock Capital Partners LLC
Fund: One Rock Capital Partners LP
Target: $300 million
Amount raised: $432 million
Placement Agent: Greenhill & Co LLC
Legal counsel: Debevoise & Plimpton
”We look forward to continuing to build our reputation as a leading sponsor in complex situations in the lower middle-market,” Scott Spielvogel, managing partner, said in a prepared statement. He co-founded the firm with Managing Partner Tony Lee. Both had been managing directors at Ripplewood.
“We believe we have unique resources to help companies achieve long-term value creation,” Lee said in the statement.
Mitsubishi Corp ranks as the firm’s largest investor as well as a strategic partner, according to the firm. One Rock did not disclose the dollar value of the Japanese conglomerate’s investment in the firm. A phone call to One Rock Capital by Buyouts wasn’t immediately returned.
Limited partners in the fund included government and corporate pension plans,insurance companies, health organizations, endowments and foundations, and high net worth families.
One Rock’s portfolio firms include Petroplex Acidizing, a chemical treatment and logistics services firm for oil companies in the Permian Basin of Texas; Kova International, a manufacturer of in-vitro diagnostic products for the urinalysis market and Summit Research Labs, a producer of ingredients for antiperspirants.
The firm exited its investment in Dixie Electric in a deal with an affiliate of First Reserve that closed in December. Terms of the transaction weren’t disclosed.
The firm said it deploys a ”rigorous approach that utilizes highly experienced operating partners to identify, acquire and enhance businesses.”