NEW YORK, Dec. 17, 2020 (PRNewswire) — One Rock Capital Partners, LLC recently announced that one of its affiliates has entered into a definitive agreement to acquire the manufacturing site in Kankakee, Illinois and the associated businesses of vegetable-oil-based raw material sterols and natural vitamin E, anionic surfactants and esters produced there (the "Company") from BASF.
Headquartered outside of Chicago, the Company is a leading manufacturer of a broad range of specialty chemicals derived from natural raw materials. These products serve a diverse array of attractive end markets including home & personal care, food & nutrition, healthcare, and agriculture. The Company employs around 160 employees at its manufacturing site in Kankakee and around the country.
Tony W. Lee, Managing Partner of One Rock, said, "During recent years, the Kankakee site has established a strong reputation for delivering natural, high-quality, mission critical products to its global customer base. We look forward to building on its success and providing customers with exceptional service and new innovations."
"I am glad that, with One Rock Capital Partners, we have found a promising new home for our Kankakee site and the team," said Ralph Schweens, President of BASF's Care Chemicals division.
R. Scott Spielvogel, Managing Partner of One Rock, added, "We're confident that One Rock's expertise in corporate carveout investments, along with the Company's talented employees, will be a powerful combination. Our intention is to transform the business into a strong standalone enterprise poised for significant growth."
The transaction is expected to close in the first half of 2021, subject to customary closing conditions, including regulatory approval.