Turnspire Capital Partners has agreed to acquire the Goodyear Air Springs business from publicly traded EnPro Industries.
Goodyear air springs are used by original equipment manufacturers and fleet operators for trucks, trailers, buses, and specialty vehicles. The company’s products are sold under an exclusive license from Akron-based Goodyear Tire & Rubber which developed its air spring technology in 1957.
EnPro acquired the Goodyear Air Springs business in 2015 through the buy of Veyance’s air springs business from Continental AG. Veyance is a former Goodyear subsidiary. The Carlyle Group bought Veyance from Goodyear in 2007.
At the closing of this transaction, Turnspire will acquire all the assets of Goodyear Air Springs, including full brand licensing rights; all technical and manufacturing facilities in the US and Mexico; and all intellectual property. David Brinkman, Goodyear Air Springs’ general manager will lead the business as its new CEO in partnership with Turnspire.
“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,” said Abel Osorio, a partner at Turnspire. “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.
New York City-based Turnspire invests in companies with revenues between $50 million and $400 million and valuations up to $125 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround. Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; food and beverage; industrial equipment; logistics; metals and metal fabrication; paper and packaging; and plastics and synthetic materials.
Charlotte-headquartered EnPro (NYSE: NPO) designs and manufactures a range of industrial products used in the aerospace, power generation, heavy-duty trucking, mining, and chemical sectors. In 2019 the company had revenues of more than $1.2 billion. The company was founded in 2002 through the spin-out of the engineered industrial products business segment of the Goodrich Corporation.
Private Equity Professional | August 5, 2020
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