Turnspire Capital Partners Completes Acquisition of Goodyear® Air Springs
Goodyear® Air Springs is First Business of Newly Formed Turnspire Platform: Infinity Engineered Products
NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire"), a special situations-focused private equity firm, announced today that it has completed the acquisition of the Goodyear® air springs business from EnPro Industries, Inc. (NYSE: NPO). Goodyear® Air Springs is the first acquisition of Infinity Engineered Products, a new platform formed by Turnspire.
Goodyear® Air Springs, headquartered in Fairlawn, Ohio, is a leading provider of premium air springs for trucks, trailers, buses, and specialty vehicles, and is a preferred partner to original equipment manufacturers ("OEM") and trucking fleets globally. Infinity acquired the assets of Goodyear® Air Springs, including full brand licensing rights, the technical and R&D center located in Fairlawn, all manufacturing facilities, all intellectual property, all real estate in the U.S. and Mexico, and all personnel. Goodyear® Air Springs will continue to go to market under a global and exclusive license from the Goodyear Tire and Rubber Company, which founded the business in 1957.
"We are thrilled to acquire Goodyear® Air Springs, which has a leading market position, world-class engineering and testing capabilities, and a robust portfolio of industry-leading products," said Turnspire Partner Abel S. Osorio. "Through our new company Infinity Engineered Products, we look forward to building on the Goodyear® Air Springs legacy by increasing the business' already substantial investment in research and development, technology and new product development, and other initiatives. We are incredibly excited to support the Infinity team as it pursues attractive growth opportunities and strategic acquisitions."
"We want to thank all of Goodyear® Air Springs' stakeholders and EnPro for their assistance and cooperation throughout the transaction process. We look forward to continuing to bring superior products and services to customers and are grateful for their support of our acquisition," Mr. Osorio concluded.
David Brinkman, who served as General Manager of Goodyear® Air Springs for EnPro, has been named Chief Executive Officer of Infinity Engineered Products. Mr. Brinkman said, "We are very excited about Goodyear® Air Springs as part of Infinity, the exciting new platform that Turnspire created. Turnspire is an ideal partner for our talented team, given the firm's strong track record building world-class independently operated industrial companies. Turnspire's highly relevant experience, commitment to operational excellence and significant resources will enable us to deploy an ambitious growth plan underpinned on investing in technology and innovation."
Chapman & Cutler LLP served as legal counsel to Turnspire.
Fidus Securities, LLC served as exclusive financial advisor to EnPro, and Robinson Bradshaw served as legal counsel.
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 its 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 its respective industry niche, and subsequently to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
CONTACT:
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SOURCE Turnspire Capital Partners LLC
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