Gemspring Capital to Acquire Goodyear's Polymer Chemicals Business

Gemspring Capital Management, LLC, a middle-market private equity firm, has announced the acquisition of The Goodyear Tire & Rubber Company's polymer chemicals business. The deal includes two operating plants in Houston and Beaumont, Texas, as well as a research and development facility in Akron, Ohio. Goodyear will retain its chemical facilities in Niagara Falls, New York, and Bayport, Texas, and the rights to the products produced there.

Goodyear Chemical, the leading producer of synthetic rubber in North America, serves various customers, including top tire manufacturers, and provides solutions for industries like food, medical, sporting goods, plastics, adhesives, and packaging. Gemspring's Managing Director, Mathew Wallace, expressed enthusiasm for unlocking the full potential of Goodyear Chemical as a standalone business, recognizing its industry leadership and talented workforce. Tesham Gor, a Gemspring Executive Advisor, is expected to become the Chief Executive Officer of the Business and aims to leverage strategic, financial, and industry expertise to enhance the company's position and global relationships.

The transaction is subject to regulatory approval and customary closing conditions, expected to finalize by late 2025. Piper Sandler & Co. served as the lead financial advisor, Greenhill & Co. as a financial advisor, and Kirkland & Ellis LLP as legal counsel to Gemspring. Gemspring Capital, based in Westport, Connecticut, manages $3.8 billion in capital and focuses on providing flexible capital solutions to middle market companies. The firm targets businesses with up to $2.0 billion in revenue across various sectors.