Gemspring Capital and StepStone Invest in Shrieve's Future

Gemspring Capital Management, a middle-market private equity firm, announced the closing of a single-asset continuation vehicle for Shrieve Chemical Company on October 31. This transaction allows Shrieve to secure additional capital to fuel further organic growth and strategic acquisitions.

The transaction was led by StepStone Group, a global private markets investment firm, and included participation from a diverse group of new and existing investors. Notably, a substantial investment came from an affiliate of Gemspring and the Shrieve management team. Additionally, the transaction involved refinancing Shrieve's debt facilities.

Founded in 1978 and headquartered in The Woodlands, Texas, Shrieve is a leading value-added chemicals distributor serving a global clientele across various industries, including industrial, food ingredient, water treatment, agricultural, energy, and specialty lubricant sectors.

Since Gemspring's acquisition of Shrieve in December 2019, the company has witnessed significant growth. It has expanded its product portfolio and product management capabilities. Gemspring’s salesforce has considerably enhanced. In addition, it has increased it’s geographic diversity by acquiring five more markets.

"With Gemspring's operational and financial backing, we've been able to enter new markets, hire key personnel, strengthen our capabilities, and significantly improve our product offerings while maintaining exceptional customer service," said George Fuller, CEO of Shrieve. "We are thrilled to extend our partnership with Gemspring and leverage the new capital to propel further organic growth and strategic acquisitions."

"We've partnered with the talented Shrieve team to execute a successful value creation plan, driving expansion across products, geographies, and capabilities, ultimately enhancing customer service," commented Geoff Broglio, Managing Director at Gemspring. "We're excited to continue this growth journey with Shrieve and utilize the additional resources to solidify our position as a leading consolidator in the chemical distribution industry."

"Both Gemspring and Shrieve have a proven track record of success," said Adam Johnston, Partner at StepStone. "We're delighted to support Shrive's next phase of growth as it strengthens its position as a prominent value-added chemicals distributor."

Shrieve, headquartered in The Woodlands, Texas, is a leading value-added chemicals distributor serving a global clientele across various attractive markets and end-use applications. Since its founding in 1978, Shrieve has leveraged its vast knowledge network to connect suppliers with customer needs and product applications. Through its four operating segments – Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging – Shrieve distributes nearly 1,500 products across more than 40 countries.  

Gemspring Capital, a private equity firm based in Westport, Connecticut, with $3.8 billion of capital under management, offers flexible capital solutions to middle-market companies. Gemspring partners with talented management teams, employing a collaborative approach to drive revenue growth, value creation, and sustainable competitive advantages. Their target companies typically have up to $1 billion in revenue and operate in sectors like aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing.