Shrieve Chemical Company, a portfolio company of Gemspring Capital, has acquired the styrene business unit and other assets of CLP Chemicals.
Gemspring acquired Shrieve, a distributor of industrial chemicals, fluids, and specialty lubricants, in December 2019. The company sells more than 700 products sourced from over 600 suppliers and is one of the leading distributors of sulfur and sulfuric acid. Shrieve’s products are sold worldwide in more than 40 countries in the Americas, Europe, and Asia.
Shrieve, led by CEO Ted Threadgill, was founded in 1978 by Jim Shrieve and is headquartered in The Woodlands, Texas, with additional facilities in Florida, the UK, China, and Scotland.
CLP Chemicals is a Houston-based industrial chemical distributor that specializes in styrene, acrylates, acetic acid, glycerin, and other niche chemicals. As part of this transaction, CLP will retain and continue to operate its glycerin business unit. CLP was founded in 1991 and is led by President Chris Parker and Partner John Spence.
“The combination with Shrieve is an exciting inflection point for the platform CLP has built in styrene, acrylates and acetic acid,” said Mr. Parker.
“With its commitment to customer service and long-standing supply relationships, CLP is a compelling strategic fit with Shrieve,” said Mr. Threadgill. “We are excited to partner with Chris, John and the CLP team as part of our strategic plan to grow Shrieve’s product portfolio and geographic footprint to serve growing global demand for specialty chemicals.”
Westport, Connecticut-based Gemspring invests in companies that have revenues up to $500 million and are active in the business services, distribution and logistics, healthcare services, financial services, industrial services, software, and specialty manufacturing sectors.
In April 2020, Gemspring closed its second fund, Gemspring Capital Fund II LP, with $750 million of capital commitments. Each of Gemspring’s institutional investors from its first fund, which closed in November 2016 with $350 million of capital commitments, committed to the firm’s new fund.
Private Equity Professional | October 9, 2020
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