Shrieve Chemical Company, a portfolio company of Gemspring Capital, has acquired industrial chemicals distributor Gilbert & Jones.
Gilbert & Jones is a distributor of specialty and industrial chemicals to more than 750 companies that operate in the aerospace, water treatment, fasteners, automotive, and electronics markets. The company’s capabilities include international procurement, multi-sourcing, regulatory compliance, less-than-truckload, and inventory management. Gilbert & Jones, led by its founder and CEO, George Gilbert, is headquartered near Hartford in New Britain, Connecticut.
“Joining forces with Shrieve represents an exciting chapter for Gilbert & Jones,” said Mr. Gilbert. “We have always been dedicated to delivering high quality products and services to our customers. With the support and resources of Shrieve, the existing G&J team is confident that we can take our long history of exceptional service and innovation to the next level.”
Gemspring acquired Shrieve, a distributor of industrial chemicals, fluids, and specialty lubricants, in December 2019. Shrieve operates through four segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging. The company sells more than 1,500 products 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 George Fuller, was founded in 1978 by Jim Shrieve and is headquartered in The Woodlands, Texas, with additional facilities in Florida, the United Kingdom, China, and Scotland.
“The Gilbert & Jones acquisition aligns perfectly with our long-term growth strategy and allows us to further diversify our product offerings and expand our reach into new markets,” said Mr. Fuller. “Together, we will capitalize on our collective strengths and capabilities to provide unparalleled service and solutions to our customers. We are excited to welcome the Gilbert & Jones team to the Shrieve family and are looking forward to our combined success.”
Gemspring invests in companies that have revenues of up to $500 million. Sectors of interest include aerospace and defense; business and consumer services; financial and insurance services; industrial services; software and tech-enabled services; healthcare services and specialty manufacturing.
In January 2023, Gemspring closed two funds – Gemspring Capital Fund III LP, its third buyout fund, at $1.7 billion, and Gemspring Growth Solutions Fund I LP, its first non-control investment fund, at an oversubscribed $400 million. With the closing of these two new funds, Westport, Connecticut-based Gemspring has $3.4 billion of capital under management.
Northborne Partners was the financial advisors to Gilbert & Jones on this transaction.
© 2023 Private Equity Professional | October 26, 2023
