gChem acquired by ContextLogic

Previously owned by private investment funds managed by EagleTree Capital LP alongside their co-investors, Gaylord Chemical Co. LLC transitions to the ownership of ContextLogic Holdings Inc. through its acquisition vehicle GCH Buyer, Inc. The definitive agreement establishes executive continuity under the ongoing leadership of chief executive officer Frank Roederer, who signed a five-year employment agreement structured around long-term value creation alongside a direct equity commitment into the acquiring entity. This transaction establishes gChem as the second operating business within ContextLogic, supporting the corporate redeployment strategy launched following the acquisition of US Salt completed in early 2026. The transaction values GCHEM at an enterprise value of $500M–1.5bn. The deal is supported by a proposed rights offering fully backstopped at $9.00 per unit by an investment group led by BC Partners LLP and Abrams Capital Management LP, paired with committed debt facilities arranged by Blackstone Credit & Insurance consisting of a $250 million term loan and a $25 million revolving credit facility. Following closing, the combined group projects an annual free cash flow between $95 million and $105 million for the fiscal year ending December 31, 2027. Transaction advisory services for the sellers and target were provided by Morgan Stanley as financial adviser, with Jones Day serving as legal counsel. ContextLogic retained Piper Sandler Cos. as exclusive financial adviser and Ropes & Gray LLP as legal counsel. Latham & Watkins LLP represented Blackstone Credit & Insurance regarding the structuring and delivery of the debt financing package, with closing scheduled prior to the end of 2026 subject to customary regulatory clearances.