Innophos Holdings, Inc. (IPHS)

Innophos produced specialty phosphate-based ingredients and minerals used in food, beverages, health and nutrition products, and industrial applications. Its products went into items such as baked goods, processed meats, dietary supplements, toothpaste and water treatment. The company was headquartered in Cranbury, New Jersey, and operated plants in the United States, Canada, Mexico and China. Its customers included large consumer packaged goods and pharmaceutical companies.

Innophos was formed in 2004 when private equity investors acquired the North American specialty phosphates business of the French chemical company Rhodia. It went public on NASDAQ in 2006 under the symbol IPHS. Through the following decade it worked to shift its mix toward higher-margin food, health and nutrition ingredients and away from commodity industrial phosphates. Several bolt-on acquisitions added nutrition and ingredient capabilities.

In October 2019 Innophos agreed to be acquired by One Rock Capital Partners, a New York private equity firm, for $32.00 per share in cash. The price represented a meaningful premium to where the stock had traded before the deal emerged. Shareholders approved the transaction, and regulatory clearances were obtained by early 2020.

The acquisition closed on February 7, 2020, making Innophos a privately held company and ending trading of its shares on NASDAQ. One Rock named a new chief executive as it took control. The business has since continued operating privately as a specialty ingredients maker.