One Rock Capital Partners, LLC announced today that one of its affiliates has entered into a definitive agreement to acquire the plastics distribution business of Nexeo Solutions, Inc.. The transaction will follow Nexeo's pending acquisition by Univar Inc. and is expected to close during the first half of 2019.
Nexeo Plastics is a global leader in the distribution of plastics products, including polymer products and prime engineering resins. Through its vast distribution network, Nexeo Plastics connects suppliers with customers across a broad cross section of industrial segments in more than 60 countries in North America, Europe, and Asia. Nexeo Plastics utilizes its proprietary technology platform to efficiently serve its suppliers and customers.
Tony W. Lee, managing partner of One Rock, commented, "We are excited about the opportunity to create a standalone plastics distribution business and invest in growth by deepening its relationships with customers and supplier partners. We look forward to collaborating with Nexeo Plastics' management team to achieve the full potential of the business."
One Rock Managing Partner R. Scott Spielvogel added, "The acquisition of Nexeo Plastics is the culmination of a yearlong evaluation by One Rock during which we utilized our extensive experience in executing corporate carve-outs, together with our knowledge of the plastics, chemicals and distribution industries. We fully expect that we will be able to help management fortify and expand the capabilities of the business, thereby driving value for suppliers and customers alike."
"We are very excited to have One Rock invest in our business, which Nexeo has built into one of the leading global plastics distribution companies," said Shawn D. Williams, executive vice president, Nexeo Plastics. "We look forward to operating as a pure-play plastics business and will focus our talent and resources on expanding our service offering for our suppliers and customers worldwide."