Texas-based Shrieve Chemical Company, a portfolio company of Gemspring Capital, said it has acquired Aberdeen-based FIS Chemicals, a formulator, manufacturer, and distributor of high-performance chemical solutions.
Terms of the transaction were not disclosed.
Gemspring Capital is a Westport, Connecticut-based private equity firm with $5.1 billion of capital under management.
“Founded in 1980, FIS has built a strong reputation for technical expertise, product innovation, and reliable supply across a range of industrial sectors, including oil and gas, renewables, marine, hospitality, and logistics,” said Shrieve.
“The acquisition expands Shrieve’s product portfolio and deepens its presence in key end markets. Together, the companies are well positioned to enhance global capabilities, broaden the combined portfolio, and strengthen relationships across a diverse set of industries.”
Foresight Group and Maven Capital Partners said they have successfully exited FIS Chemicals, achieving a 4.2x return on invested capital. The investment has generated an IRR of 33% for Maven and Foresight and follows the rapid growth of the business since the investment in 2020.
Shrieve CEO Joey Gullion said: “This combination expands our capabilities and deepens our relationships with customers across key industrial end markets.
“By bringing these teams together, we are better positioned to serve our customers and suppliers while continuing to build on the strong relationships we have established. We look forward to partnering with the FIS team as we execute on Shrieve’s long-term growth strategy.”
FIS CEO Kenny Woods said: “We are proud of the business we have built at FIS and are excited to join the Shrieve platform.
“Our shared commitment to delivering value for customers makes this a strong strategic fit, and Shrieve’s complementary product portfolio, global reach, and operational resources will further enhance our capabilities while preserving the customer relationships and technical expertise that define FIS.
“I look forward to continuing to lead the FIS team as part of the combined organization.”