One Rock Capital Partners, a lower middle-market private equity firm, has held the final closing of its first fund.
The firm accepted USD431.5 million in total capital commitments, surpassing its fundraising target of USD300 million.
This is the first private equity fund raised by One Rock, which targets controlling stakes in lower middle-market companies in North America, primarily in situations characterized by complexity.
One Rock was formed in 2010 by Tony W. Lee and R. Scott Spielvogel, formerly managing directors at Ripplewood Holdings.
Mitsubishi Corporation is One Rock's strategic partner and largest investor.
Managing partner Scott Spielvogel says: "We are extremely grateful for the trust the institutional investor community has placed in One Rock. We look forward to continuing to build our reputation as a leading sponsor in complex situations in the lower middle-market."
Managing partner Tony Lee says: "We are pleased that our in-house operating partners, our relationship with Mitsubishi, and our investment approach have resonated as distinguishing factors for investors. We believe we have unique resources to help companies achieve long-term value creation."
The fund's investor base consists of a diverse set of government and corporate pension plans, insurance companies, health organizations, endowments and foundations, and high net worth families.
The fund currently has three investments, including Petroplex Acidizing, Kova International and Summit Research Labs. Petroplex is an provider of chemical treatment and logistics services to oil companies in the Permian Basin. Kova is a developer, manufacturer and marketer of branded in-vitro diagnostic products for the urinalysis market. Summit produces active ingredients for antiperspirants.
Greenhill & Co served as placement agent, and Debevoise & Plimpton served as legal counsel in the formation of the fund.
