NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire"), a special situations-focused private equity firm, announced today that it has signed a definitive agreement to acquire the Goodyear® air springs business ("Goodyear® Air Springs" or the "Company") from EnPro Industries, Inc. (NYSE: NPO) ("EnPro").
Goodyear® Air Springs, under a global and exclusive license from The Goodyear Tire and Rubber Company and headquartered in Fairlawn, Ohio, is a leading provider of premium air springs for trucks, trailers, buses, and specialty vehicles. Founded by The Goodyear Rubber and Tire Company in 1957, Goodyear® Air Springs has over 60 years of technology leadership. The Company is a preferred partner to original equipment manufacturers ("OEM") and trucking fleets across North America and globally.
Upon closing, an affiliate of Turnspire will acquire all the assets of Goodyear® Air Springs, including full brand licensing rights, technical and R&D center in Fairlawn, all manufacturing facilities, all intellectual property, all real estate in the U.S. and Mexico, and all personnel.
"We look forward to continuing the Goodyear® Air Springs legacy as an independent company by leveraging an extensive product portfolio and bringing innovative technology solutions to leading OEM partners and aftermarket customers," said Turnspire Partner Abel S. Osorio. "Turnspire will build on the foundation of its legendary brand name, unparalleled reputation for quality, best in class reliability, and superior service. Our agreement to acquire Goodyear® Air Springs is the culmination of a highly integrated diligence process in which we utilized Turnspire's extensive experience executing corporate carve-outs, and knowledge of the transportation and manufacturing industries, to deliver speed and certainty to EnPro."
Turnspire looks forward to partnering with the Goodyear® Air Springs management team to further solidify itself as a market leader in the air springs category by deploying Turnspire's operational capabilities and investment in equipment, people, and processes. David Brinkman, Goodyear® Air Springs' general manager for EnPro will continue to lead the business as CEO under Turnspire's ownership.
Mr. Brinkman said, "Turnspire is an excellent fit for our people and technology. The team's highly relevant experience, commitment to operational excellence and significant financial and strategic resources will enable Goodyear® Air Springs to accelerate its growth and invest in technology that benefits our customers. We look forward to working with Turnspire to build on our established reputation in the industry for the best quality, innovation and service."
The transaction is expected to close following the satisfaction of customary closing conditions and regulatory approvals, including in Mexico.
Chapman & Cutler LLP served as legal counsel to Turnspire.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niches, and subsequently to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
About EnPro Industries
EnPro Industries, Inc. is a niche provider of precision components, solutions, and services with a well-diversified customer base. For more information about EnPro, visit the company's website at http://www.enproindustries.com.
SOURCE Turnspire Capital Partners LLC