StepStone Leads Investment in Shrieve Chemical Through Gemspring Deal
Deal News | Oct 31, 2024 | Goodwin
The Goodwin Secondaries team advised StepStone Group as the lead investor in a GP-led continuation fund transaction with Gemspring Capital Management. In this transaction, an investment vehicle formed by Gemspring acquired interests in Shrieve Chemical Company. The deal includes a concurrent refinancing of the Company's debt facilities, enabling follow-on capital to support organic growth and strategic acquisitions for Shrieve Chemical. The legal team from Goodwin was extensive, with leadership from Krishna Skandakumar and support from various specialists. This strategic move positions Shrieve Chemical for continued expansion and innovation.
Sectors
- Private Equity
- Chemicals
- Legal Services
Geography
- United States – The companies involved, StepStone Group and Gemspring Capital Management, as well as Shrieve Chemical Company, are based in the United States.
Industry
- Private Equity – The article discusses a transaction involving a GP-led continuation fund, a mechanism often used in private equity settings.
- Chemicals – Shrieve Chemical Company, the focus of the investment, operates within the Chemical industry.
- Legal Services – The involvement of the Goodwin legal team positions this article in the context of legal advisory services.
Financials
- Not disclosed – The financial details of the transaction, including the deal size, were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| StepStone Group | Lead Investor | Company | A global private markets investment firm serving as the lead investor in the transaction. |
| Gemspring Capital Management, LLC | Buyer | Company | An investment firm that formed a new investment vehicle to acquire interests in Shrieve Chemical Company. |
| Shrieve Chemical Company | Target | Company | A chemical company that is the focus of the investment and acquisition. |
| Goodwin | Legal Advisor | Company | A law firm acting as the legal advisor to StepStone Group in the transaction. |
| Krishna Skandakumar | Lead Legal Advisor | Person | Led the Goodwin team advising StepStone in the transaction. |