Grace Matthews advises Merichem Company on the sale of its Technologies & Catalyst Business to Black Bay Energy Capital (“Black Bay”)

MILWAUKEE (January 3, 2024) – Black Bay Energy Capital (“Black Bay”), a New Orleans-based private equity firm that is focused on the energy and specialty chemical sectors, has announced the acquisition of Merichem Company’s technology business unit, comprised of Merichem Process Technologies and Merichem Catalyst Products, which will collectively be renamed “Merichem Technologies.” Grace Matthews, Inc. (“Grace Matthews”) served as financial advisor to Merichem Company on the transaction.

As a standalone platform, Merichem Technologies will be a global provider of sulfur treating technologies and solutions and a suite of proprietary chemical catalysts.

“Merichem Company has been a fantastic steward of this business for decades, and the entire Merichem Technologies team is excited about our new partnership with Black Bay and the ability to pursue new avenues for growth,” said Cyndie Fredrick, CEO of Merichem Technologies.

“Sulfur treatment is a critical path item across many industrial applications around the world. Hydrogen sulfide (“H2S”), mercaptans, carbon dioxide (“CO2”), and other related impurities must be dealt with to ensure environmental compliance, sustainable operations, and a saleable end product. We are thrilled to partner with the Merichem Technologies team to accelerate growth and expand the portfolio of solutions to help clients with their operational and environmental goals,” said Tom Ambrose, Partner of Black Bay. Sam Scofield, Vice President of Black Bay, added, “We believe that Merichem Technologies is the right platform to create a comprehensive, industry-agnostic sulfur treatment solutions provider.”

“This divesture is a major milestone for Merichem Company as we continue to execute our strategic vision, further cementing our leadership position in caustic services. I am also excited to work with the Merichem Technologies team and investors as they take the technology businesses to the next level,” said Kendra Lee, Chairman and CEO of Merichem Company.


Merichem® is the global leader in the beneficial reuse of spent caustic. Merichem provides spent caustics as an ingredient in industrial processes or as an effective substitute for commercial products, without reclamation. Its turnkey solutions reduce the environmental impact of refineries and chemical companies while maintaining a solid commitment to responsible stewardship and supporting executives’ ESG goals. Beneficial reuse fits within the Guiding Principles of the American Chemistry Council’s Responsible Care® initiative. For more information, visit


Black Bay is a private equity firm that invests equity capital in partnership with entrepreneurial management teams who are building high-growth companies in the energy and chemical industries. Black Bay’s strategy is to target companies with innovative products and services that help their clients to reduce costs, improve operations, and achieve sustainability initiatives. The firm’s objective is to drive success through a relentless commitment to establishing and cultivating a true partnership with portfolio company management teams, and a belief that deeply rooted partnerships generate outsized returns by fostering collaboration and creativity. Black Bay is currently investing out of its second fund and has approximately $500+ million of assets under management. For more information, please visit


Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past two decades, Grace Matthews has successfully completed over 200 transactions on behalf of private, middle-market companies, private equity firms, and large, foreign or U.S.-based multi-nationals. For more information, visit

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