One Rock Raises $2B for the Firm s Third and Biggest Private Equity Fund
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NEW YORK, March 10, 2021 /PRNewswire/ One Rock Capital Partners, LLC ( One Rock ) today announced that it has successfully closed its third flagship private equity fund at its hard cap, with total capital commitments of $2.0 billion. One Rock Capital Partners III, LP ( Fund III ) marks One Rock s largest fund to date, having surpassed its target of $1.5 billion.
Formed in 2010 by Tony W. Lee and R. Scott Spielvogel, One Rock is a leading private equity firm with offices in New York and Los Angeles. The firm s experienced senior investment professional team collaborates with a deep bench of skilled Operating Partners to catalyze growth and operational improvement at select high-potential businesses. One Rock pursues control investments in companies across a variety of sectors, including manufacturing, chemicals, business services, and auto retail. The firm has developed particular expertise in complex transactions including corporate carve-o
Dive Brief:
Nestlé acquired Essentia Water, a premium functional brand, for an undisclosed amount, the food and beverage giant said in a statement. Essentia, which makes ionized alkaline water, posted sales in 2020 of $192 million.
Essentia is the leading alkaline water brand and the No. 1 selling bottled water in the natural channel, Nestlé said.
The acquisition of Essentia comes just two weeks after Nestlé sold its North American bottled water business, including brands such as Poland Spring, Deer Park and Pure Life, to private-equity firms One Rock Capital Partners and Metropoulos & Co. for $4.3 billion.
Dive Insight:
When Nestlé announced last month it was officially selling much of its water business, the deal was trumpeted as a way for the CPG giant to focus on its international premium brands including Perrier and San Pellegrino, as well as local natural mineral waters, healthy hydration products and functional water.
Nestlé said Tuesday it was buying the alkaline-water brand Essentia for an undisclosed price.
It s the latest step in Nestlé s overhaul of its global bottled-water business. Functional waters that tout health benefits are increasingly attractive to investors and founders.
It s out with the old and in with the new at one of the largest bottled-water businesses.
Nestlé is paying an undisclosed amount for the bottled alkaline water maker Essentia, adding the brand to its lineup, which includes Perrier, S. Pellegrino, and Acqua Panna. Essentia s 2020 sales totaled $192 million, Nestlé said Friday as it announced the deal.
Last month, Nestlé said it would sell some of its lower-priced spring-water brands in North America, including Poland Spring and Pure Life, to One Rock Capital Partners and Metropoulos & Co. for $4.3 billion.
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