Gemspring Capital's Strategic Move: Acquiring Goodyear Chemical's Polymer Business

Gemspring Capital Management, a middle-market private equity firm based in Westport, Connecticut, has secured a definitive agreement to acquire Goodyear Chemical, the synthetic rubber and polymer chemicals division of The Goodyear Tire & Rubber Company (NASDAQ: GT). The transaction marks a significant strategic shift, positioning Goodyear Chemical as an independent business entity focused on specialized elastomer solutions.

Transaction Scope and Asset Details

The acquisition encompasses Goodyear Chemical’s core operations, including manufacturing facilities in Houston and Beaumont, Texas, alongside a dedicated research and development center in Akron, Ohio—where the business is headquartered. Notably, Goodyear will maintain ownership of its chemical production facilities in Niagara Falls, New York, and Bayport, Texas, retaining rights to products manufactured at these locations.

As a leading North American producer of synthetic rubber, Goodyear Chemical serves an extensive customer base spanning multiple sectors. Beyond its traditional tire manufacturer clientele—which includes some of the world’s most recognized brands—the business supplies engineered solutions to industries such as food processing, medical devices, sporting equipment, thermoset plastics, adhesives, and consumer packaging.

Strategic Vision for Standalone Operations

Mathew Wallace, Managing Director at Gemspring Capital, emphasized the firm’s commitment to unlocking the business’s full potential. He highlighted the organization’s deep customer relationships, mission-critical product portfolio, and track record of innovation as key strengths that will drive future growth. Wallace also acknowledged the Goodyear team’s contributions and pledged a collaborative transition approach for employees, customers, and suppliers.

Tesham Gor, a Gemspring Executive Advisor poised to assume the Chief Executive Officer role at Goodyear Chemical, outlined an ambitious growth agenda. He emphasized leveraging Gemspring’s strategic and financial expertise to accelerate product development, expand global customer relationships, and deliver sustainable elastomer technologies. As an independent operation, Goodyear Chemical is expected to move faster in commercial innovation and operational excellence.

Financial Backing and Closing Timeline

Gemspring Capital operates with $3.8 billion in capital under management and typically targets middle-market companies with revenues up to $2.0 billion across business services, consumer sectors, healthcare, industrial, software, and tech-enabled services. The transaction is anticipated to close by late 2025, pending regulatory approvals and standard closing conditions.

The acquisition was facilitated by Piper Sandler & Co. as lead financial advisor, with legal counsel provided by Kirkland & Ellis LLP, positioning Goodyear Chemical for its next growth phase as a specialized chemical company.