Grace Matthews Research
Advisory Approach
Grace Matthews is a specialized M&A advisory firm founded in 1999 with exclusive focus on the chemicals, specialty materials, and life sciences value chain. The firm operates with a clear thesis: chemical and materials science transactions are uniquely complex and require deep industry expertise combined with sophisticated financial advisory. Their approach is thesis-driven and deliberate—they intentionally limit the number of engagements they take on at any one time to ensure every client receives the full attention of their most senior professionals. Grace Matthews succeeds by understanding the nuances of chemicals and materials industries that generalist banks miss: environmental liabilities, regulatory compliance, raw material volatility, international sourcing implications, and operational complexity.
The firm has built a distinctive team approach where every engagement is led by a Managing Director supported by professionals with degrees in chemistry, chemical engineering, materials science, and finance. This combination of technical expertise and financial sophistication differentiates them from broader middle-market advisory firms. They serve all client types—privately held businesses, large multinational corporations, and private equity firms—but always within the chemicals and materials space.
Market Position & Scale
Grace Matthews has completed more than 150 successful transactions since the early 1990s, representing a 25+ year track record in chemicals M&A. The firm operates with approximately 20 dedicated M&A professionals (not a broader investment banking practice), ensuring consistency and deep relationships in the industry. Key clients include 3M, Air Products, AkzoNobel, ALTANA, Ashland, Arxada, BASF, Cabot Corporation, Chemours, DSM, DuPont, Evonik, H.B. Fuller, ITW, Landec, Lubrizol, Nagase Group, PolyOne, PPG Industries, Sherwin-Williams, Weatherford, and WR Grace—the roster demonstrates deep relationships with major multinational chemical companies.
Sector Focus & Industry Expertise
Grace Matthews maintains expertise across the full chemical and materials science value chain. Their core sectors include:
Specialty Chemicals & Formulations: The firm advises on the sale, acquisition, and divestiture of complex chemical manufacturers across coatings, adhesives, composites, and industrial applications. They have particular depth in companies with proprietary formulations, specialty additives, epoxy curing agents, and high-performance chemistries. Recent examples include advisory on Gabriel Performance Products (specialty additives and epoxy curing agents, sold to Huntsman in 2021) and MFG Chemical (specialty chemicals for water treatment and industrial coatings, acquired by Windjammer Capital in 2026).
Plastics, Polymers & Composites: Deep expertise in polymers, composite materials, and engineered polymers used in manufacturing. Advised on transactions like HP Polymers (Platte River Equity recapitalization) and Peninsula Polymers joint venture.
Paints, Coatings & Inks: A major market focus with extensive experience in paint manufacturers, industrial coatings, specialty inks, and adhesives. Transactions include Diamond Vogel's strategic transformations (sale of architectural paint stores to Hirshfield's and Spectrum Paint, 2025) and work with major players like Sherwin-Williams and AkzoNobel.
Life Sciences & Specialty Ingredients: High-purity chemicals, catalysts, organometallics, and ingredients for pharmaceuticals, nutraceuticals, and microelectronics. Advised on Strem Chemicals (acquired by Ascensus Specialties/Wind Point Partners, 2021—a global leader in research-grade catalysts and CVD/ALD precursors) and NutriBiotic (sale to Plameca, 2025).
Environmental & Specialty Services: Experience with environmental remediation, caustic services, and specialized chemical services. Advised on Merichem Technologies (Process Technologies & Catalyst business divested to Black Bay Energy Capital, 2024—sulfur treating platform).
Agricultural & Food Chemistry: Work with agricultural chemicals, food additives, and related manufacturing. Lindau Chemicals transaction (sale to South Coast Terminals, 2025) involved epoxy curing agents used in adhesives and specialty applications.
Transaction Track Record & Deal Types
Grace Matthews executes across a balanced mix of transaction types:
Sell-Side Advisory: The firm advises private company owners and corporate sellers in 75% of transactions. Sweet spot is typically founder-owned and family-controlled chemical companies where operational complexity creates valuation opacity. Comprehensive sell-side process includes strategic buyer identification, process management, quality of earnings support, and negotiation through close.
Buy-Side Advisory: Represents acquirers (strategic corporates and PE firms) in 20% of transactions, particularly large multinationals and sponsor-backed platforms seeking bolt-on acquisitions or platform investments.
Corporate Carve-Outs & Divestitures: Represents 40% of transactions—expertise in separating business units from large multinational parents. Example: Chemours' sale of methylamines business unit to Cornerstone Chemical (2020), and Merichem's divestiture of process technologies business unit to Black Bay Energy Capital (2024).
Other Structures: Fairness opinions, strategic alternatives, recapitalizations (private equity-backed secondary transactions), and joint ventures (Peninsula Polymers joint venture, Reaxis transaction).
Deal Sophistication & Complexity
The firm intentionally focuses on deals with inherent complexity that require deep chemical industry expertise. Most transactions navigate multiple layers of regulatory, environmental, and operational issues: legacy superfund sites and contaminated assets, open-ended TSCA (Toxic Substances Control Act) exposure, FCPA and international trade compliance, union relationships and pension liabilities, and family governance dynamics. This specialization is a core competitive advantage—Grace Matthews professionals understand how to resolve these issues quickly and creatively, whereas generalist advisory firms often lose deals on the vine.
Buyer Network & M&A Ecosystem Access
Grace Matthews maintains strong relationships across the chemical industry's buyer ecosystem, including major PE platforms, strategic acquirers, and family offices. Deal evidence shows strong relationships with:
Private Equity Platforms: Audax Private Equity (Gabriel Performance Products exit to Huntsman), Wind Point Partners (Strem Chemicals acquisition), Platte River Equity (HP Polymers, Silberline Group), MPE Partners (LA-CO Industries investment, 2024), Black Bay Energy Capital (Merichem Technologies), and Windjammer Capital (MFG Chemical, 2026). These relationships demonstrate deep institutional relationships with mid-market PE firms active in chemicals.
Strategic Acquirers: Major chemical companies (Huntsman, Cornerstone Chemical, Ascensus Specialties, South Coast Terminals) that acquire both bolt-on platforms and specialty chemical businesses. The firm's track record with multinational clients means direct access to corporate M&A teams.
Family Offices & Alternative Investors: Deal evidence includes family-controlled transitions (LA-CO Industries, a 90-year-old family business partnering with MPE Partners; Diamond Vogel's family-owned transformation).
Fee Structure & Engagement Economics
Grace Matthews does not publish fee data publicly. However, based on industry practice for mid-market M&A advisors specializing in LMM transactions, the firm likely charges on a modified Lehman basis (most common for mid-market), with monthly retainers typically in the $10K-$25K range that are credited against success fees. The firm typically engages on exclusive sell-side mandates requiring client commitment and process discipline.
Geographic Coverage & Global Reach
The firm is Milwaukee-based (833 East Michigan Street, Suite 1420, Milwaukee, WI 53202) but operates globally. Approximately 33% of transactions are cross-border, indicating significant international deal capability. The firm has relationships across North America, Europe, and Asia, with particular access to European and multinational chemical companies.
Regulatory Status & Compliance
Grace Matthews is FINRA-registered through its subsidiary GM Securities, LLC (CRD#154657), approved by the SEC in 2011 and regulated by FINRA. The firm operates with institutional-quality compliance infrastructure and can execute transactions involving securities offerings and capital raises. No disciplinary history is disclosed.
Competitive Positioning
Grace Matthews differentiates from other M&A advisors through:
- Industry Specialization: 100% focus on chemicals and materials—not a diversified investment bank. This depth creates informational advantages and client trust.
- Technical Expertise: Team with engineering, chemistry, and materials science backgrounds who understand product complexity, manufacturing constraints, and R&D differentiation.
- Operationally-Informed: Several senior professionals have operational backgrounds (plant management, supply chain, manufacturing), enabling informed conversations with sellers about operational value creation.
- Process Rigor: Disciplined, institutional-quality process with comprehensive buyer outreach, QofE support, and management coaching.
- Complexity Navigation: Specialized capability in dealing with environmental liabilities, regulatory issues, pension matters, and family governance—issues that derail deals at generalist firms.
- Long Tenure: 25+ year track record with consistent senior leadership provides continuity and trust.
Ideal Client Profile
Grace Matthews is best positioned to serve:
- Founder or family-owned chemical companies with $10M-$250M enterprise value
- Companies with significant proprietary technology or market position where operational complexity creates valuation opacity
- Businesses navigating environmental or regulatory complexity where specialized expertise accelerates resolution
- Large multinational corporations divesting non-core chemical business units or executing carve-outs
- Private equity platforms seeking bolt-on acquisitions or management partnerships in chemicals
Not a Good Fit If:
- Business is below $10M enterprise value (firm typically declines)
- Pure commodity chemical business (limited value add on complex positioning)
- Distressed situations requiring debt restructuring (not their focus)
- Quick timeline without process discipline (Grace Matthews values thorough buyer identification)
Market Outlook & Recent Activity
The firm is active and growing. Recent 2024-2026 transactions show strong deal flow: MFG Chemical (Windjammer Capital, 2026), Diamond Vogel store sales (2025), Lindau Chemicals (South Coast Terminals, 2025), NutriBiotic (Plameca, 2025), Merichem Technologies divestiture (Black Bay Energy Capital, 2024), and LA-CO Industries (MPE Partners, 2024). Leadership (Kevin Yttre, President and Managing Director; Jon Glapa, Managing Director) are publicly commenting on market conditions, suggesting optimism for continued deal activity in 2026.