November 7, 2024
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Silver Point Leads Refinancing of Shrieve Chemical’s Debt Facilities
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Greenwich, CT, November 7, 2024 – Silver Point Finance, the direct lending business of Silver Point Capital, L.P., today announced that it led the refinancing of the debt facilities of Shrieve Chemical Company, a leading, value-added chemicals distributor that is a portfolio company of Gemspring Capital Management. The refinancing occurred in conjunction with the closing of a single-asset continuation vehicle that acquired interests in Shrieve, a transaction led by Gemspring and global private markets investment firm StepStone Group. The transactions will provide follow-on capital to support Shrieve’s organic growth initiatives and strategic acquisitions.
Founded in 1978, Shrieve is a leading, full-line value-added distributor of specialty and commodity chemicals – supporting suppliers and serving customers across the industrial, food ingredient, water treatment, agricultural, energy, specialty lubricant and other segments globally. Based in The Woodlands, Texas, the company provides end-to-end solutions for a global customer base. Since Gemspring's acquisition in December 2019, Shrieve has significantly enhanced its product offering and extended its geographic and market presence.
“Gemspring and Shrieve have driven meaningful value creation since 2019, and we believe Shrieve is well-positioned for a new stage of growth,” said Anthony DiNello, Head of Silver Point Finance. “The Silver Point Finance team is pleased to extend our partnership with Gemspring in support of this refinancing, and we look forward to working with Shrieve as it advances its leadership position in the global chemical distribution industry.”
About Shrieve
Shrieve, based in The Woodlands, TX, is a leading, value-added chemicals distributor serving attractive markets and end-use applications globally. Since its founding in 1978, Shrieve has leveraged its knowledge network to find the best match between suppliers, customer needs, and product applications. Through its four operating segments, Chemical Distribution, Specialty Lubricants and Enhancers, Energy Products and Services, and Custom Packaging, Shrieve markets nearly 1,500 products across more than 40 countries. For more information, visit www.shrieve.com.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.8 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring focuses on partnering with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors. For more information, visit www.gemspring.com.
About Silver Point Finance
For over 20 years, Silver Point Finance has been an active participant in the direct lending market, providing customized financing solutions to middle-market companies across a broad range of industries. SPF's transactions support acquisitions, refinancings, bridge loans, growth capital, balance sheet restructurings and leveraged recapitalizations. Along with its affiliates, SPF manages approximately $13 billion in investable capital. SPF is the direct lending business of Silver Point Capital, L.P., a leader in global credit investing that oversees the management of approximately $33 billion in investable capital. For more information, please visit silverpointfinance.com.