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HIG type lower MM shop. They buy shitty businesses on the cheap, make them less shitty and sell them for more than what they paid. They did this with SummitReheis where they bought it from another PE shop for 5x and then sold it to Elementis for 13+x.
The senior guys came from Ripplewood so there are alot of Japan connections. They have a strategic relationship with Mitsubishi which they leverage to make operational improvements to their businesses. They’ve done very well in recent years.
Never seen them on any of our buyer lists, which makes me wonder... how does a fund that large fly under the radar and acquire so many businesses for such low multiples? (obviously HIG has been doing this and doing it well for years, along with a few others - e.g. Encore, Valor). I just don't get how they source so many deals that are trading for such low multiples, given the market.
My thoughts exactly
Looks like they only closed their $964 million Fund II in April 2017....so it's relatively young. Fund I was only $431.5 million which doesn't seem that large to me.
In terms of acquiring businesses for low multiples, even in this market of wild valuations, shitty businesses are being sold as owners attempt to capitalize on the environment. In my opinion, periods of high valuations, like the one we are in now, do not impact divestiture valuation multiples equally. A great business that might sell for 10-11x in an average period could sell for 15-16x in a hot M&A market. However, a shitty business that may sell for 4-5x in an average period would likely hit a ceiling of 7x in a hot M&A environment. This rings true to me because shitty businesses don't often go to deep-pocketed strategic acquirors who can rely on synergies to juice their offers, they go to private equity firms just looking to lever it up to generate IRR then get out.
In One Rock Capital's case, I think this phenomenon helped them acquire FXI, Inc., a foam products company (shitty business...all that shit can be made in China at lower cost). The previous owners acquired it through bankruptcy in 2009. By 2017, they were probably just trying to get out before the M&A market turned, hence One Rock Capital (probably the only real bidder) won with a likely very conservative valuation.
we don't look at "shit" businesses, but would love to be on your buyer's list :) PM me?
Not really lmm. 3b+ fund size. Pretty MM.
They are a weak version of peak rock capital in Austin.
Bump
Bump.. any update on PE Associate comp there?
Bump - any further info for 2023 on One Rock?
Comp: very high
hours: complete shit
culture: among the worst
deals: very complex and growing in size over the years
summary: smart value investor specializing in chemicals and industrials with horrible WLB and culture; extremely high comp to offset. It’s a baby Apollo without the name or reputation / “prestige”
I saw their comp was good but had not heard about the hours/WLB. Good to know. Appreciate it.
do you currently work there/have you worked there or is this second hand knowledge
how good is comp? particularly interested in for london as lots of funds pay really poorly, but if you have USD amount could ballpark
bump, anyone else this is concerning
Bump, curious if there are other comments
Comp is 330k all in
first year associate?
Yes
Interesting that its in line with MF PE
Bump
Heard it’s over $200k
any idea for london? some of the MMs pay 92500 base which in USD is 122k... assuming an 100% bonus (unlikely) that gets you to ~240, i am assuming through there would not be a 90k pay cut from new york (27%+)... but you never know..
Any additional insight? Deal team structure? Portco responsibilities? Based on the website seems like a decent amount of associates with all different backgrounds
And what do you mean by long hours? Apollo like or just IB bad
Any insight on office / perks too? Co invest ? When does carry start?
Bump
Bump and anyone know interviews / HH or any insight to timing
thanks!
Bump
Any updated / expanded commentary here?
bump, how is analyst program. Currrently IB SA at MM looking into them. Raising 3.25B seems impressive
bump
Very sweaty. Have a friend there. Culture is pretty bad. Unsustainable for most.
do you think its a better place to be a 1st year analyst than JEFF/WFC industrials
Have worked on the other side of the table a few times, incredibly smart investors but incredibly sweaty
It’s a firm on the rise, as evidenced by doubling target fund size each raise and hitting the hard caps. Very operationally focused in value creation. Punches above their weight (see: Nestle Waters NA carve out). Yes, “sweaty” due to the complex nature of the target deal profile, but from what I understand the culture is good, e.g. people are respectful of each other and not toxic, which is rare in this type of strategy.
Source: close with someone there.
This sounds right. High comp, high hours (par for the course for this strategy), but respectful employees with more of a serious or academic culture.
Can only speak to the IR / fundraising side but know someone who worked on the capital formation team and she said it was her worst job by far. Left after just a few months. All she could share was that they've got terrible culture and toxic environment generally.
Can you provide anymore detail? Have an interview with this team.
Feel free to DM.
Anyone 2023 updated thoughts?
The recent comment above, with 6+ upvotes, is probably your best bet. It resonates with what I have heard from someone there.
Noted, good point!
Interviewed with them for on-cycle but didn’t get the offer despite making it to the superday. Definitely are a value oriented firm like others have mentioned and a lot of the deals they do won’t be valued using traditional valuation methodologies as they’d rather pay below for assets. Their superday focused more on how you think through things and they asked some strange brain teasers apart from doing case study like questions.
I liked the team but definitely got the vibe that some people are tough to work for. They definitely do some cool deals like the Nestle carve-out which they did an add-on and recap for. They’ll play lead investor on larger deals like Nestle so they have a greater say in carrying out their operating plan and will definitely use a sharp elbow if needed.
If you want a firm that is value oriented I think you should consider them but just be cautious about some of the sharp elbows and tougher personalities that are present.
Had a similar experience. Interviews felt they focused more on IQ and processing ability than pure technical capacity.
I enjoyed all the people I met in the process, but not a particularly 'laid back' group.
What was the process like with them for on-cycle
What was the process like with them for on-cycle
What was the process like with them for on-cycle
What was the process like with them for on-cycle
Any insights on London specifically?
Heard they are very busy right now. Firm is really making a push to put more money to work in Europe.
They’re trying to make a dent and happy to (significantly) overpay to play but so far no luck (I believe)
do we know the comp for london associate? and also anyone had interviews with london? do i also need to study brainteaser?
I know a current analyst there, seems like high paying but very hard working firm with growing fund sizes
Pay very well with good perks (PJ flights, full lunch / dinner allowance with fully stocked kitchen, fitness subsidy, full healthcare & fertility coverage), despite what other people have been saying hours are relatively fine but of course tend to accelerate during deal sprints as with any other PE investing roles where it can get quite late but overall teams want to optimize time and be efficient, much more so vs IBD, culture very much turned towards mentoring and retention
This is really helpful! Does this apply to both the NY and LA offices?
Good hairy deals
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