Gemspring Capital Management LLC, a Westport-based middle-market private equity firm, has agreed to acquire Goodyear Chemical, The Goodyear Tire & Rubber Co.’s polymer chemicals business.
Goodyear Chemical, headquartered in Akron, Ohio, produces synthetic rubber for the tire, food, medical, sporting goods, thermoset plastics, adhesives, packaging and other industries.
The purchase includes two operating plants in Houston and Beaumont, Texas, and a research and development facility in Akron, Ohio, Gemspring said. Goodyear will keep its chemical factories in Niagara Falls, New York, and Bayport, Texas, and its rights to the products made at these facilities.
Financial terms were not disclosed.
“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, managing director at Gemspring. “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.”
The deal, which is subject to regulatory approval and customary closing conditions, is expected to close by late 2025.
Piper Sandler & Co. acted as lead financial advisor, while Greenhill & Co. served as a financial advisor, and Kirkland & Ellis LLP served as legal counsel to Gemspring on the deal.
Gemspring Capital, which is headquartered at 54 Wilton Road, in Westport, has $3.8 billion of capital under management across 36 companies, according to its website.
Its target companies have up to $2 billion in revenue and are in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors.
