On Wednesday, U.S. diversified industrial investor One Rock Capital Partners announced that it has successfully closed its third flagship private equity fund at its hard cap, with total capital commitments of $2.0 billion. The capital raise makes Fund III One Rock’s largest fund to date, having surpassed its initial target of $1.5 billion.
Formed in 2010, with offices in New York and Los Angeles, One Rock pursues control investments in North American middle-market companies across a variety of sectors, including manufacturing, chemicals, business services, and auto retail. The firm–which has an ongoing strategic partnership with Japan’s Mitsubishi Corporation–has developed particular expertise in complex transactions including corporate carve-outs.
Over the past 10 years, One Rock has invested in over 35 companies, composed of both platform investments and add-on acquisitions. In 2020, the firm invested in specialty ingredients manufacturer Innophos, joining 2019 portfolio companies including CentroMotion, which makes motion, actuation and control solutions for agriculture, transportation and industrial end-markets, and specialty plastics maker Jadex.
“We are truly appreciative of the strong endorsement of the institutional investor community during this period of extraordinary uncertainty,” said Managing Partner Scott Spielvogel, upon announcing the fund close. “We are grateful for the continued support of an exceptional group of existing investors, and we’re delighted to have the opportunity to begin working with a select group of new limited partners in Fund III.
As of the final closing of Fund III, One Rock has raised approximately $5 billion of cumulative capital commitments. Fund III’s institutional 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.
A Move Into Beverages
Last month, One Rock announced that one of its affiliates, in partnership with “consumer brand revival” investor Metropoulos & Co., had agreed to buy North American bottled water producer Nestlé Waters North America from Nestlé S.A.
Nestlé Waters North America consists of the United States and Canada operations of Nestlé Waters, the world’s largest bottled water company. Its portfolio of highly recognizable, responsibly sourced regional spring and national purified water brands includes the Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead labels, as well as Pure Life and Splash, making it one of the leading beverage companies in North America.
