Mill Rock Capital acquires Asbury Carbons

April 12, 2023

Mill Rock Capital, New York City, USA, a growth and operations oriented private investment firm, has announced that it has formed a new growth platform, Mill Rock Advanced Materials LLC, focused on investments in the advanced materials and industrial additives solutions markets. It was also announced that this platform has acquired Asbury Carbons, Inc., from the Riddle family and the Asbury Carbons, Inc. Employee Stock Ownership Plan (ESOP). In connection with the transaction, Stephen A Riddle has made a significant investment in the company and will remain on its board of directors. Financial terms of the transaction were not disclosed.

“Mill Rock is the ideal partner for the success of the Asbury organisation, our people and our customers. 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. Our industry is entering a growth phase in which differentiated graphite applications are in high demand, and Asbury is optimally suited to meet those needs,” stated, Noah Nichelson, president.

Asbury, founded in 1895 by Harry M. Riddle in Asbury, New Jersey, is a leading provider of advanced materials, specialising in carbon additive solutions for a wide range of end markets and applications. The company is a supplier of graphite and carbon powders for non-ferrous Powder Metallurgy, including brass and bronze applications, protective coatings for sintering trays, and Metal Injection Moulding. Options are available for every powder metal application in custom shapes and sizes, including micron-sized powders and an advanced line of graphite nanoplatelets.

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Asbury sources materials on a global basis and operates twelve facilities in which the company processes and distributes a broad range of application-specific materials and additives to customers’ exacting performance requirements. Asbury’s manufacturing and distribution locations are located in the US, Mexico, Canada, and the Netherlands, with sales offices across North America, Europe and Asia.

In connection with the transaction, Mill Rock has appointed Gregg A Jones as Asbury’s chairman and Chief Executive Officer. Previously, Gregg was CEO of EP Minerals. Scott Palm has joined as Senior Vice President Strategy and Innovation, having previously served in a similar role at EP Minerals. Eric Walmet, formerly of Ingevity Corporation, has joined Asbury as Senior Vice President Operations. All positions are new or were previously vacant. Noah Nichelson will remain president and Chief Operating Officer. Ed Rose, Mill Rock Senior Partner and former president of Ingevity Corporation, will join Asbury’s board of directors.

“I’m delighted to join the Asbury team and see a very bright future for our business and the graphite industry,” stated Jones. “This is an exciting day for Asbury’s associates and customers as we embark on a new chapter of growth. Asbury has cultivated the leading market position over many years through an unparalleled focus on customer success and product innovation. Going forward, we will seek to accelerate growth through further investment in people, applications, processes and systems, as well as through selective acquisitions,” he added.

Mill Rock co-founders Christopher Whalen and Adi Pekmezovic added, “We are incredibly honoured that the Riddle family has entrusted us with the business they started nearly 130 years ago. We are eager to continue their legacy and invest in the company’s next phase of growth and product innovation. Asbury pioneered the North American graphite market and is the consummate foundation upon which to build an advanced materials platform.”

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