US-based private equity firm One Rock Capital Partners has completed the acquisition of essential ingredients producer Innophos Holdings for $932m.

The firm first announced the deal in October when an affiliate of One Rock Capital entered an agreement with Innophos to acquire all of its outstanding shares.

It agreed to pay $32 per share in cash to Innophos shareholders.

One Rock Capital managing partner Tony W Lee said: “We are pleased to partner with Innophos, which has established an enviable, market-leading position with comprehensive manufacturing and R&D capabilities.

“We intend to build on its strong foundation and help enable the company’s success over the long term by instilling operational and commercial excellence and working to enhance the solutions that Innophos offers to an impressive roster of brands around the world.”

NASDAQ Global selec Market will no longer list Innophos following the completion of the transaction.

Shares of Innophos common stock have ceased trading.

As part of the deal, Innophos has named Richard Hooper as its new CEO with immediate effect.

Hooper said: “The closing of this transaction represents an exciting new chapter for Innophos, its employees and customers that furthers its ability to improve quality of life through purpose-built ingredients.

“As a private company, Innophos is expected to have greater flexibility to drive continued growth in its attractive end markets and strengthen its existing operations.

“I am thrilled to lead Innophos at this important point in its evolution and look forward to leveraging the substantial resources and expertise of One Rock to deliver unparalleled value to our customers.”

Lazard acted as exclusive financial advisor to Innophos and Baker Botts served as its legal counsel.

RBC Capital Markets acted as a financial advisor for One Rock Capital and Latham & Watkins acted as legal counsel for this deal.

Last month, Innophos stockholders voted in favour of the acquisition by an affiliate of One Rock Capital Partners.