Gryphon and Portfolio Company News

Gryphon Investors Acquires Vivify Specialty Ingredients

San Francisco, CA -

Leading Pigments, Colorants and Specialty Ingredients Provider Will Serve as a Platform for Future Industry Investments

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, today announced that it has acquired Vivify Specialty Ingredients (“Vivify” or the “Company”) in partnership with the Company’s current family owner Aakash Shah, who will remain on the Board of Directors, and Vivify management. Vivify is a leading provider of specialty organic colorants, functional ingredients, and additives across multiple consumer and industrial end markets. This represents the third platform investment closed by Gryphon’s Heritage Fund, a small-cap fund offering launched by Gryphon in 2020. Financial terms of the transaction were not disclosed.

Based in Glendale Heights, IL, Vivify is a leading provider of specialty chemicals for colorant and related specialty applications in the personal care & cosmetics, food & beverage, packaging, plastics, coatings, and agriculture industries. Specializing in organic pigments, dyes, liquid colorants, slip additives, specialty resins, and specialty food ingredients, the Company distributes products that are manufactured both domestically and internationally and sold in more than 50 countries. Through a technical, high-touch salesforce, innovative lab and regulatory support capabilities, and the ability to support short turnaround times, the Company supports customer-specific solutions focused on product performance and customized applications. CEO Devlin Riley and other members of the management team will continue to lead the Company.

Keith Stimson, Deal Partner and Head of the Heritage Fund Team at Gryphon, said, “Gryphon’s Heritage Fund leverages our firm’s sector initiative strategy and deep pool of relevant operating resources, and focuses on partnering with market leaders with sustainable differentiation. We believe Vivify is an exceptional player in the attractive colorant and ingredient markets, and we see a variety of opportunities for additional investments to accelerate growth, including add-on acquisitions.”

Craig Nikrant, Gryphon Operating Partner on the Heritage Fund Team, said, “Vivify has 40 years of experience addressing customer needs through innovative formulations, robust laboratory and regulatory support capabilities, and high-quality products. Its outstanding research has developed standardized methods to assure consistency and meet customers’ quality, safety, and environmental requirements. We look forward to working with Devlin and his team as we invest in this business and enable its continued growth.”

Mr. Riley commented, “We are excited to partner with Gryphon as we prepare for the future. We are confident that our new partners share our vision and support our culture, and their exceptional operational and financial resources will ensure that we can continue to invest in innovation while providing outstanding service to our customers and remaining excellent partners with our suppliers.”

Gryphon was advised by legal counsel Kirkland & Ellis and financial advisor Guggenheim Securities, LLC. Keybanc Capital Markets served as the exclusive financial advisor to Vivify, and Gibson Dunn served as legal counsel.

About Vivify

Vivify is a leading provider of specialty colorants and functional ingredients to customers across multiple consumer and industrial end markets. Through diverse sourcing capabilities, advanced lab expertise, and a technical, high-touch salesforce, Vivify delivers customer-specific solutions focused on product performance and customized applications. For more information, visit

About Gryphon Investors

Based in San Francisco, Gryphon Investors ( is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $7.5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.


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