NEW YORK — Private equity firm Turnspire Capital Partners L.L.C. has completed its acquisition of the Goodyear air springs business from EnPro Industries Inc.
Goodyear Air Springs is the first acquisition of Infinity Engineered Products, a new platform formed by Turnspire.
On Aug. 3, an affiliate of New York-based Turnspire signed a definitive agreement to acquire the air springs operation from EnPro Industries Inc. for about $32 million in cash and a $7.5 million long-term promissory note.
Goodyear Air Springs, headquartered in Fairlawn, Ohio, provides air springs for trucks, trailers, buses, and specialty vehicles, and partners with original equipment manufacturers 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, the company said in a statement.
Goodyear Air Springs will continue to go to market under a global and exclusive license from the Goodyear Tire and Rubber Co., 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," Turnspire partner Abel S. Osorio said. "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."
David Brinkman, who served as general manager of Goodyear Air Springs for EnPro, was named CEO of Infinity Engineered Products.
"We are very excited about Goodyear Air Springs as part of Infinity, the exciting new platform that Turnspire created," Brinkman said. "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."