Private equity firm Turnspire Capital Partners has signed a definitive agreement to acquire the Goodyear air springs business from EnPro Industries and STEMCO.
Goodyear Air Springs, under a global and exclusive license from The Goodyear Tire and Rubber Company, is a provider of air springs for trucks, trailers, buses and specialty vehicles.
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, Ohio, 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 utilized Turnspire’s extensive experience executing corporate carve-outs and knowledge of the transportation and manufacturing industries, to deliver speed and certainty to EnPro,” Osorio says.
Turnspire says it 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.
“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,” Brinkman says.
The transaction is expected to close following the satisfaction of customary closing conditions and regulatory approvals, including in Mexico, the company says.