The New York-based middle-market private equity firm announced its $932 million deal for Innophos — a global company that partners with clients to create essential ingredients and science-backed solutions for the food, health, nutrition and industrial markets — in October.
As part of the deal, veteran specialty materials executive Richard Hooper has been named CEO of Innophos, effective immediately.
“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,” Hooper said in a prepared statement. “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.”
It was not immediately clear what role, if any, former CEO Kim Ann Mink would play going forward.
Innophos stockholders received $32 in cash per common share under the deal, and with the completion of the transaction, the shares have ceased trading on the Nasdaq.
Lazard acted as Innophos’ exclusive financial adviser, while Baker Botts LLP was its legal counsel. Latham & Watkins LLP was One Rock’s legal counsel, while RBC Capital Markets LLC was its financial adviser.