Elementis plc is buying chemical company SRLH Holdings Inc., doing business as SummitReheis, from private equity firm One Rock Capital. As part of the $360 million transaction, Summit will become a “part of an enlarged personal care business within Elementis.”

SummitReheis manufactures and distributes antiperspirant chemicals for deodorants such as sticks, roll-ons, clear gels, aerosols, soft solids, wipes, pump sprays and foot sprays. Under the ownership of One Rock, the target implemented a new enterprise resource planning system and restarted a production facility in Huguenot, New York. In 2015, One Rock also acquired portions of BK Giulini’s chemical business to integrate with SummitReheis. The target sells its products to a global network of distributors from production facilities in New York and the U.K.

Elementis is a United Kingdom-based chemicals production company that operates through three divisions: specialty products, surfactants and chromium. The buyer manufactures a variety of chemical products, including: colorants, defoamers, acids and oxides, additives, adhesion promoters, waxes and resins and pigments.

One Rock, headquartered in New York and Los Angeles, is a middle-market private equity firm with more than $430 million in assets under management. The firm, in a strategic partnership with Mitsubishi Corp. (TYO:8058) and its varying business operations, invested in SummitReheis in 2013. OneRock looks to make majority stake investments in North American companies specializing in: chemicals and process industries that include paper and forestry businesses, manufacturing and healthcare products, business and environmental services, and auto retail.

Chemical businesses have driven many middle-market acquisitions. Related deals include: CenterOak Partners LLC’s majority investment in family-owned Aakash Chemicals and Dye-Stuffs Inc; Advent International is acquiring chemicals producer Viakem SA de CV; Bayer AG making an unsolicited bid for Monsanto Co. (NYSE: MON)Dow Chemical Co. and DuPont Co. merging to form a $130 billion chemical company; FMC Corp.’s (NYSE: FMC) completed purchase of Cheminova; Platform Specialty Productions Corp.’s (NYSE: PAH) purchase of Chemtura Corp.’s agrochemicals business; and Lariat Partners made an investment in crop protection company Willowood USA. Lazard Middle Market is acting a financial adviser to Summit and One Rock on the transaction.

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