One Rock Capital Partners has agreed to carve out the plastics distribution business of Nexeo Solutions.
The deal for Nexeo Plastics will follow its parent company’s pending acquisition by Univar, and is expected to close during the first half of 2019.
Nexeo Plastics provides products including polymers and engineering resins fo a range of industrial segements across more than 60 countries in North America, Europe and Asia.
One Rock managing partner R Scott Spielvogel said, “The acquisition of Nexeo Plastics is the culmination of a yearlong evaluation by One Rock during which we utilized our extensive experience in executing corporate carve-outs, together with our knowledge of the plastics, chemicals and distribution industries.
“We fully expect that we will be able to help management fortify and expand the capabilities of the business, thereby driving value for suppliers and customers alike.”
New York-based One Rock Capital Partners took less than three months to close its second fund on its $964m hard cap in 2017.
That fund came seven years after One Rock was launched by Tony Lee and Scott Spielvogel, formerly managing directors at Ripplewood Holdings.
One Rock smashed the $300m target for its debut fund in 2014, pulling in just over $430m for a final close.
Like its predecessor, Fund II has been targeting controlling stakes in mid-market companies, primarily in the manufacturing, chemicals, industrial business services and auto retail sectors.
Last year the firm bought Robertshaw Holdings, which specialises in thermal, flow and control management for residential and commercial appliances, HVAC and transportation applications.
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