Gemspring Capital secures new deal for Shrieve Chemical’s growth

Gemspring Capital Management, LLC, a prominent private equity firm focused on middle-market investments, has announced the successful closing of a single-asset continuation vehicle designed to acquire interests in Shrieve Chemical Company. The transaction was spearheaded by StepStone Group, a global leader in private markets investment, with additional backing from a wide array of new and current investors, including a notable contribution from an affiliate of Gemspring and the Shrieve management team. This move, paired with the refinancing of Shrieve’s debt facilities, is set to provide significant follow-on capital aimed at supporting organic growth and strategic acquisitions.

Founded in 1978 and headquartered in The Woodlands, Texas, Shrieve Chemical Company has established itself as a value-added chemicals distributor, catering to a diverse range of markets, including industrial, food ingredients, water treatment, agriculture, energy, specialty lubricants, and more. Under Gemspring’s ownership since December 2019, Shrieve has notably expanded its product range, strengthened its salesforce, and diversified its geographic reach and end markets. This expansion was bolstered through organic growth strategies and five strategic add-on acquisitions.

Shrieve’s operations span four primary segments: Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging. Through these divisions, the company markets nearly 1,500 products in over 40 countries, leveraging its extensive network to align suppliers with client needs and product applications effectively.

George Fuller, CEO of Shrieve, emphasized the benefits of the continued partnership with Gemspring, noting that the firm’s operational and financial expertise has facilitated entry into new markets, enhanced staffing, and expanded product offerings while maintaining top-tier service quality. He expressed enthusiasm about the new capital’s potential to drive both organic growth and strategic acquisitions.

Geoff Broglio, Managing Director at Gemspring, highlighted the successful collaboration between Gemspring and Shrieve, which has led to comprehensive value creation through product, geographic, and capability expansions. Broglio expressed confidence in Shrieve’s ability to leverage the new financial resources to strengthen its industry position as a consolidator of choice.

StepStone’s Adam Johnston echoed this sentiment, commending Gemspring and Shrieve for their track record of success and expressing satisfaction in supporting Shrieve’s ongoing growth trajectory.

Jefferies LLC played a pivotal role as the lead financial advisor, while Moelis & Company LLC also provided advisory services. Legal counsel was provided by Kirkland & Ellis LLP for Gemspring and Goodwin Procter LLP for StepStone.