Newell Brands to sell Process Solutions to One Rock Capital for $500m
Consumer goods company Newell Brands has agreed to offload its Process Solutions business to private equity firm One Rock Capital Partners for about $500 million.
Process Solutions, which is based in Greenville, South Carolina, is a manufacturer and material sciences company. It provides plastic, nylon, monofilament and zinc products for the health care, consumer, and industrial end markets designed as per customer requirements.
The business, by utilizing its value engineering and manufacturing technology, caters to a wide range of commercial industries and customers, and also governmental agencies across the world.
Process Solutions is also the main supplier of copper-plated zinc penny blanks to the United States Mint and also a supplier of coinage to other nations.
Newell Brands to sell Process Solutions to One Rock Capital. Image courtesy of Keith Syvinski/Freeimages.com
Tony W. Lee – Managing Partner of One Rock Capital Partners said, “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.”
Process Solutions has 19 facilities in the US, UK and Puerto Rico and has a workforce of around 1,700 employees.
The net sales for Process Solutions were about $640 million in 2018.
R. Scott Spielvogel – One Rock Capital Partners Managing Partner said: “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.”
The transaction, which is subject to customary closing conditions including regulatory approval, is anticipated to be wrapped up in Q2 2019.
Chuck Villa – Process Solutions CEO 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.”