One Rock Capital Partners Completes Acquisition Of Eastman Chemical's Tire Additives Business, Renames Company Flexsys

Rhea-AI Summary

On November 1, 2021, One Rock Capital Partners completed the acquisition of Eastman Chemical Company's tire additives business, now named Flexsys. This transaction marks One Rock's sixth corporate carve-out in 2021 and emphasizes their commitment to operational improvements. The Flexsys management team will collaborate with One Rock to enhance growth and establish the company as a strong independent entity. Legal counsel was provided by Latham & Watkins LLP, while RBC Capital Markets acted as financial advisor.

Positive

• Strategic acquisition enhances One Rock's portfolio in specialty chemicals.
• Flexsys is poised for growth under One Rock's management.
• The acquisition reflects One Rock's operational focus and expertise.

Negative

• None.

NEW YORK, Nov. 1, 2021 /PRNewswire/ -- One Rock Capital Partners, LLC ("One Rock"), a value-oriented, operationally focused private equity firm, today announced that one of its affiliates has completed the previously announced acquisition of the tire additives business of Eastman Chemical Company ("Eastman"; NYSE: EMN), a leader in critical specialty chemicals for the tire industry with a global asset footprint and superior technical services.

The company will operate under the name Flexsys, a tribute to the legacy name of the business. The acquisition of Flexsys marks One Rock's sixth corporate carve-out transaction in 2021.

"We are excited to partner with the Flexsys management team to build on the company's established reputation and position it for further growth and success," said Tony W. Lee, Managing Partner of One Rock. "We look forward to providing the strategic and operational resources needed for a successful transition from a corporate subsidiary to a strong, independent business."

Latham & Watkins LLP acted as legal counsel, and RBC Capital Markets, LLC acted as financial advisor to One Rock.

About One Rock Capital Partners, LLC

One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.

MEDIA CONTACT
Hallie Erlich
Prosek Partners
pro-onerock@prosek.com

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SOURCE One Rock Capital Partners, LLC

FAQ

What acquisition did One Rock make involving Eastman Chemical?

One Rock Capital Partners acquired Eastman Chemical Company's tire additives business, now named Flexsys.

What is the strategic importance of the acquisition of Flexsys?

The acquisition enhances One Rock's portfolio in specialty chemicals and positions Flexsys for future growth.

When was the acquisition of Eastman's tire additives business announced?

The acquisition was announced on November 1, 2021.

Who are the advisors involved in the acquisition of Flexsys?

Latham & Watkins LLP acted as legal counsel, and RBC Capital Markets LLC provided financial advisory services.