NEW YORK | March 18, 2019
One Rock Capital Partners, LLC (“One Rock”) announced that one of its affiliates has entered into a definitive agreement with Newell Brands to acquire its Process Solutions business.
Headquartered in Greenville, South Carolina, Process Solutions is a manufacturer and material sciences company that offers custom-designed plastic, nylon, monofilament and zinc products in the health care, consumer, and industrial end markets. By leveraging its value engineering and manufacturing technology, the business services a wide variety of commercial industries and customers, as well as governmental agencies globally. Process Solutions is also the primary supplier of copper-plated zinc penny blanks to the United States Mint as well as a supplier of coinage to other countries.
Tony W. Lee, Managing Partner of One Rock, commented, “Process Solutions develops a wide variety of high-quality products that serve diverse end markets and surround us every day. One Rock has substantial experience investing in specialty manufacturing businesses, and we intend to build upon the company’s success in delivering highly engineered solutions for its blue-chip customers.”
One Rock Managing Partner R. Scott Spielvogel added, “We believe that as a standalone business, Process Solutions can expand its offerings and bolster its global customer relationships. Working together with management and our Operating Partners, we look forward to growing the company through strategic acquisitions and operational and technological improvements.”
Process Solutions Chief Executive Officer Chuck Villa said, “We are excited to partner with One Rock as we embark on our next phase of growth. With One Rock’s vision and strategic resources, we look forward to continuing to provide innovative products to both our longstanding and new customers.”
The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions, including regulatory approval.