Backcast supports Turnspire’s buyout of Goodyear Air Springs

Backcast Partners Management has made an investment to back Turnspire Capital Partners' acquisition of Goodyear Air Springs from EnPro Industries Inc.

Backcast Partners Management has made an investment to back Turnspire Capital Partners’ acquisition of Goodyear Air Springs from EnPro Industries Inc. No financial terms were disclosed. Based in Fairlawn, Ohio, Goodyear Air Springs is a provider of premium air springs for trucks, trailers, buses, and specialty vehicles.

PRESS RELEASE

NEW YORK, Dec. 1, 2020 /PRNewswire/ — Backcast Partners Management, LLC (“Backcast”), a provider of capital for both middle market private equity and non-private equity owned companies, is pleased to announce its most recent investment supporting the acquisition by Turnspire Capital Partners (“Turnspire”) of the Goodyear® air springs business from EnPro Industries, Inc., (“Goodyear® Air Springs”). Goodyear® Air Springs is the first acquisition of Infinity Engineered Products (“Infinity”), a new platform formed by Turnspire.

Goodyear® Air Springs, headquartered in Fairlawn, Ohio, is a leading provider of premium air springs for trucks, trailers, buses, and specialty vehicles, and is a preferred partner to 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, intellectual property, real estate in the U.S. and Mexico, and retain all personnel. Goodyear® Air Springs will continue to go to market under a global and exclusive license from the Goodyear Tire and Rubber Company, which founded the business in 1957.

“Goodyear® Air Springs has a leading market position, world-class engineering and testing capabilities, a robust portfolio of industry-leading products, and a seasoned CEO,” said Backcast Managing Partner Mark Gudis. “We are incredibly excited to support Turnspire and the Infinity team as they pursue attractive growth opportunities and strategic acquisitions.”

Backcast’s investment consisted of senior secured debt and an equity co-investment. “Backcast has been an ideal partner to work with on this transaction,” said Abel S. Osorio, a Partner at Turnspire. “Their ability to understand the business drivers, the complex nature of a carveout into a standalone company, and be a value-added partner was all outstanding.”

Backcast was represented in the transaction by Greenberg Traurig LLP.

About Backcast Partners
Formed in 2016, Backcast provides thoughtful and customized capital solutions across the capital stack to middle market companies. Backcast’s Managing Partners have been supporting traditional middle market companies for decades. Backcast, with assets under management of over $775 million, targets investment sizes from $10 – $100 million in both sponsored and non-sponsored companies. The firm has offices in New York City, Millburn, NJ, and Los Angeles, CA.