MVC Shipping Summit Research Labs to One Rock Capital
February 15, 2013
MVC Capital has signed a definitive agreement to sell portfolio company Summit Research Labs, a specialty chemical company, to One Rock Capital Partners. Based in Huguenot, NY, Summit Research manufactures and markets antiperspirant actives globally. MVC invested in the company in August 2006. Assuming full realizations in the closing, MVC would receive gross proceeds from its equity investment of about $63 million, which would result in an estimated gross IRR of 31%. As part of the sale, MVC will provide Summit with a $22 million second lien loan, as well as purchase the company's spray drying business, which will operate as a standalone company following the closing of the Summit sale.