Foley & Lardner LLP served as co-counsel to Mill Rock Capital, a growth and operations-oriented private investment firm, in connection with its acquisition of Asbury Carbons, Inc., a provider of advanced materials specializing in carbon additive solutions for a wide range of end markets and applications, from the Riddle family and the Asbury Carbons, Inc. Employee Stock Ownership Plan (ESOP).
Asbury, founded in 1895 by Harry Riddle and based in an Asbury, New Jersey, is North America's largest processor and supplier of natural and synthetic graphite and cokes and the world's largest independent processor of graphite. Asbury sources these materials globally and operates 12 facilities in which the company processes and distributes a broad range of application-specific materials and additives to customers' exacting performance requirements. Asbury's products are used in polymers and rubbers, paints and coatings, lubricants, specialty ceramics, friction products, insulation, and other materials.
In connection with the transaction, Stephen Riddle has made a significant investment in the company and will remain on its board of directors.
The Foley deal team was led by Partner Spencer Moats and included Partners Gregg Dooge and Jonathan Witt.