Mill Rock Capital, a growth and operations-oriented private investment firm, has acquired Asbury Carbons Inc., from the Riddle family and Asbury Carbons Inc. Employee Stock Ownership Plan. The company has also formed a new platform, Mill Rock Advanced Materials LLC, which will focus on investments in the materials and industrial additives services markets.

Asbury, founded in 1895 by Harry Riddle and based in Asbury, N.J., is a materials provider focused on carbon additive services for various end markets and applications. The company is a North American processor and supplier of graphite and cokes. Asbury’s products are used in polymers and rubbers, paints and coatings, lubricants, ceramics, friction products, insulation and other materials. In connection with the transaction, Stephen Riddle has made a significant investment in the company and will remain on its board of directors.

“Mill Rock is the ideal partner for the success of the Asbury organization, our people and our customers,” says Noah Nichelson, president. “Their ongoing investment and additional resources will support our unwavering commitment to provide our customers with the same high quality, bespoke products they’ve counted on for the last 128 years, while developing new advanced materials and additive solutions for next-generation challenges.”

Moelis & Co. LLC, PJT Park Hill, Alvarez & Marsal Transaction Advisory Group, White & Case LLP, Foley & Lardner LLP and Advancy advised Mill Rock Capital on the transaction.  PNC Bank N.A. provided debt financing. Deloitte Corporate Finance LLC acted as financial advisor to Asbury on the transaction.