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 3 Aug, an affiliate of New York-based Turnspire signed a definitive agreement to acquire the air springs operation from EnPro Industries Inc. for $32 million (€27 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 US 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.
"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,” said Turnspire partner Abel S. Osorio.
David Brinkman, who served as general manager of Goodyear Air Springs for EnPro, was named CEO of Infinity Engineered Products.