Gemspring Capital Management has agreed to acquire Goodyear Chemical, the polymer chemicals division of publicly traded Goodyear Tire & Rubber Company, for $650 million in cash.
Akron-headquartered Goodyear Chemical is a producer of synthetic rubber and polymer-based chemical products—polybutadiene rubber, polyisoprene rubber, styrene-butadiene rubber (SBR), acetone, and hydroquinone—used by companies in the tire manufacturing, medical devices, adhesives, sporting goods, thermoset plastics, and food packaging sectors.
Gemspring’s acquisition of Goodyear Chemical includes operating plants in Houston and Beaumont, Texas, as well as a research and development center in Akron, Ohio. Detailed financial information on Goodyear Chemical is not publicly available, but in 2023, it was reported that the division had annual sales of approximately $1 billion, split evenly between external customers and Goodyear itself.
Tesham Gor, a Gemspring Executive Advisor, is expected to become CEO of the business upon the closing of the transaction, which is anticipated by the end of the fourth quarter.
“We are excited to advance Goodyear Chemical’s industry positioning by leveraging our strategic, financial, and industry expertise to continue delivering world-class elastomer technologies and engineered solutions to our customers,” said Mr. Gor. “As a standalone entity, the business will be well positioned to accelerate product development, expand its relationships with existing and new customers globally, deliver sustainable solutions, continue to invest in its people, and drive growth and innovation through commercial, technical, and operational excellence.”
Goodyear, headquartered in Akron, Ohio, is one of the world’s largest tire companies. It employs about 64,000 people and manufactures products in 47 facilities across 21 countries.
“We look forward to unlocking the full potential of Goodyear Chemical as a standalone business and supporting its next chapter of growth and innovation,” said Mathew Wallace, a managing director at Gemspring. “Goodyear Chemical is an industry leader, underpinned by deep customer relationships, a mission-critical product portfolio, a track record of innovation, and incredibly talented employees. We are grateful to the Goodyear team who have driven the success of the business to date and are committed to working closely with Goodyear to ensure a smooth transition for associates, customers, and suppliers.”
Gemspring, based in Westport, Connecticut, invests in companies with revenues of up to $500 million and focuses on sectors including 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 these closings, the firm now manages $3.4 billion in capital.
Piper Sandler served as the financial advisor to Goodyear on this transaction.
© 2025 Private Equity Professional | May 29, 2025
McNally Capital has acquired Quiet Professionals, a provider of technology and intelligence services to the U.S. national security sector. Co-investing in the transaction was Nio Advisors.
“Partnering with Quiet Professionals as a platform allows and encourages the business to invest significantly in new capabilities and capitalize on supporting the company in the evolving SOF and national security mission as a true mission partner,” said Michael Ember, a principal at McNally Capital. “Our deep experience in the national security sector and history of partnering with founders enabled an ideal partnership with Andy and his team. We look forward to supporting the company and mission with unparalleled placement, access, and capital.”
Littlejohn & Co. has acquired RailPros, a provider of outsourced infrastructure services to the rail and utility sectors, from Court Square Capital Partners.
“We are excited to partner with the RailPros team as they continue to build a leading rail, transportation and utility service platform,” said Michael Kaplan, a managing director at Littlejohn. “RailPros is an industry pioneer, and its North American footprint, comprehensive service offering, and reputation for high quality service, positions it as a valued partner to their long tenured, blue-chip customer base. We look forward to helping RailPros grow organically and through strategic M&A.”
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Protective Industrial Products (PIP), a portfolio company of Odyssey Investment Partners, has finalized its $1.3 billion acquisition of the personal protective equipment (PPE) division of publicly traded Honeywell. Odyssey previously acquired PIP from Audax Private Equity in December 2020.
“The completion of this transformational acquisition is an important milestone for PIP, its customers and its employees around the world,” said Craig Staub, a senior managing principal at Odyssey. “We are thrilled to support the PIP management team as they build the value of the expanded platform and its world-class brand portfolio.”
Fusion Capital Partners has acquired a majority equity interest in Relevant Industrial, a provider of industrial equipment and related services, from LKCM Headwater Investments. LKCM will maintain a minority equity interest in the company in partnership with Fusion Capital.
“It’s an exciting time for our team at Fusion as we close on our second portfolio company,” said Matt Brown, a co-managing partner at Fusion. “Utilizing our thesis-driven approach, we have proactively targeted the process automation ecosystem and have been following Relevant’s evolution for years. Our belief in John and his entire team, coupled with the company’s strong market position and numerous available growth levers, creates a strong foundation to deploy our partnership-driven growth playbook. We look forward to helping Relevant continue its journey toward market leadership and strengthening the value it brings to its customers, suppliers and employees.”
“We are proud to have been part of Relevant’s journey and are excited about the future that lies ahead,” said Andy Zacharias, a partner at LKCM. “Our decision to reinvest in the business reflects our strong belief in the upside opportunity for our investors. Relevant’s strong leadership, strategic vision, and commitment to innovation have positioned them for significant growth. We are confident that this continued partnership will further enhance the value we deliver to our investment partners.”
Boyne Capital has acquired McNish, the parent company of Walker Process Equipment, Amwell, and E&I Corporation (together, McNish).
“Boyne has an extensive track record investing in products and services that meet America’s critical infrastructure needs,” said Derek McDowell, managing partner at Boyne Capital. “McNish has developed into a leader within the wastewater treatment market through a relentless focus on equipment reliability and customer service, and we look forward to building upon this foundation to grow market share across the Company’s product portfolio.”