One Rock Capital Partners affiliate sells Summit Research Labs to Elementis
One Rock Capital Partners has announced that one of its affiliates has signed a definitive agreement to sell SRLH Holdings (Summit) to Elementis.
Summit is an international specialty chemicals platform that manufactures wide portfolio of critical active ingredients and materials to be used in non-discretionary and regulated personal care, pharmaceutical and dental products.
One Rock managing partner Tony Lee said: “Since 2013, Summit has significantly expanded its geographic presence and end-market diversity through acquisition and new global supply partners.
“The combination with Elementis provides additional penetration of the personal care end-market for the combined business.”
Elementis is a specialty chemical company that operates globally by delivering high-value functional additives.
One Rock managing partner Scott Spielvogel said: “During One Rock's ownership Summit restarted a facility in New York, implemented a new ERP system and successfully integrated the businesses acquired from BK Giulini in 2015.
“One Rock's operating partners and the management team have worked closely together to build a market leading specialty chemical manufacturer.”
One Rock operating partners John Georges and Andrew Georges have served on the board of Summit, which was responsible for improving the company's market position by working closely with management.
In this transaction, Lazard Middle Market served as exclusive financial advisor to Summit and One Rock.
One Rock is known to make investments in the companies that exhibit high-growth potential in selected industries.