Turnspire Capital Partners (Turnspire), a special situations-focused private equity firm, has signed a definitive agreement to acquire the Goodyear air springs business (Goodyear Air Springs) from EnPro Industries, (EnPro).Goodyear Air Springs, under a global and exclusive license from The Goodyear Tire and Rubber Company and headquartered in Fairlawn, Ohio, is a 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 centre 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,” says 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 utilised 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.
Brinkman says: “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.
