American PE equity firm acquires food ingredients producer Innophos for US$925m

USA – One Rock Capital Partners, a New-York based private equity firm has completed the acquisition of New Jersey-headquartered ingredients manufacturer, Innophos Holdings for approximately US$925 million.

The transaction was announced on October 21, 2019 and received approval from Innophos stockholders at a special meeting of the stockholders held on January 15, 2020. 

Under the terms of the transaction, the company’s stockholders received US$32 in cash for each share of Innophos common stock.

As a result of the completion of the transaction, shares of Innophos common stock have ceased trading and will no longer be listed on the NASDAQ Global Select Market.

In conjunction with the completion of the transaction, Richard Hooper has been appointed Chief Executive Officer of Innophos. Mr. Hooper is an industry veteran with 40 years of specialty materials experience.

“The closing of this transaction represents an exciting new chapter for Innophos, its employees and customers that furthers its ability to improve quality of life through purpose-built ingredients,” said Mr. Hooper.

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“As a private company, Innophos is expected to have greater flexibility to drive continued growth in its attractive end markets and strengthen its existing operations.

“I am thrilled to lead Innophos at this important point in its evolution and look forward to leveraging the substantial resources and expertise of One Rock to deliver unparalleled value to our customers.”

Tony W. Lee, Managing Partner of One Rock, commented, “We are pleased to partner with Innophos, which has established an enviable, market-leading position with comprehensive manufacturing and R&D capabilities.

“We intend to build on its strong foundation and help enable the company’s success over the long term by instilling operational and commercial excellence and working to enhance the solutions that Innophos offers to an impressive roster of brands around the world.”

Innophos is headquartered in Cranbury, New Jersey and has manufacturing operations across the United States, in Canada, Mexico and China.

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