Gemspring Capital Closes Continuation Vehicle for Shrieve Chemical

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Oct 31, 2024, 08:56 ET

WESTPORT, Conn., Oct. 31, 2024 /PRNewswire/ -- Gemspring Capital Management, LLC ("Gemspring"), a middle-market private equity firm, is pleased to announce the closing of a single-asset continuation vehicle that acquired interests in Shrieve Chemical Company ("Shrieve" or the "Company"). The transaction was led by global private markets investment firm, StepStone Group ("StepStone"), and supported by a diverse group of new and existing investors, including a substantial investment from an affiliate of Gemspring and the Shrieve management team. The transaction, and a concurrent refinancing of the Company's debt facilities, will provide follow-on capital to support organic growth initiatives and strategic acquisitions.

Founded in 1978 and headquartered in The Woodlands, Texas, Shrieve is a leading, value-added chemicals distributor supporting suppliers and serving customers across the industrial, food ingredient, water treatment, agricultural, energy, specialty lubricant and other segments globally. Since Gemspring's acquisition in December 2019, Shrieve has significantly expanded its product slate and product management capabilities, enhanced its salesforce and increased its geographic and end market diversity through organic initiatives and the completion of five strategic add-on acquisitions.

"With Gemspring's operational and financial resources, we have entered new markets, added key personnel, bolstered our capabilities and significantly enhanced our product offering to customers while maintaining exceptional service," said George Fuller, CEO of Shrieve. "We are excited to extend our partnership with Gemspring and secure additional capital to continue growing organically and through strategic acquisitions."

Geoff Broglio, Managing Director at Gemspring added, "Gemspring has partnered with the talented team at Shrieve to implement a value creation plan that has driven an expansion of products, geographies, and capabilities to best serve Shrieve's customers. We are excited to continue on the growth journey with Shrieve and utilize additional financial resources to remain a consolidator of choice in the chemical distribution industry."

"Gemspring and Shrieve have demonstrated a strong track record of success, and we're pleased to support the Company's next stage of growth as it strengthens its position as a leading, value-added chemicals distributor," said Adam Johnston, Partner at StepStone.

Jefferies LLC served as lead financial advisor, Moelis & Company LLC served as a financial advisor, and Kirkland & Ellis LLP served as legal counsel to Gemspring. Goodwin Procter LLP served as legal counsel to StepStone on the transaction.

About Shrieve
Shrieve, based in The Woodlands, TX, is a leading, value-added chemicals distributor serving attractive markets and end-use applications globally. Since its founding in 1978, Shrieve has leveraged its knowledge network to find the best match between suppliers, customer needs, and product applications. Through its four operating segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging, Shrieve markets nearly 1,500 products across more than 40 countries. For more information, visit www.shrieve.com.

About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.8 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring focuses on partnering with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.

Media contact:
Geoff Broglio
[email protected]

SOURCE Gemspring Capital