Private equity firm One Rock Capital Partners has completed its $932 million acquisition of ingredients producer Innophos.
New Jersey-based Innophos manufactures ingredients for the beverage, dairy, bakery and meat sectors.
In conjunction with the completion of the deal, Richard Hooper has been appointed Innophos CEO, effective immediately. According to One Rock, 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 Hooper.
“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 Lee, managing partner of One Rock, added: 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.”
The transaction was initially announced on 21 October 2019 and received approval from Innophos stockholders on 15 January 2020.
In 2017, Innophos acquired Novel Ingredients, a supplier of botanicals, proteins, amino acids and a range of other health ingredients for use in the food and nutrition spaces.
© FoodBev Media Ltd 2020