M&A Deal Summary

Turnspire Capital Partners and Backcast Partners Acquire Infinity Engineered Products

On August 4, 2020, private equity firms Turnspire Capital Partners and Backcast Partners acquired automotive company Infinity Engineered Products from EnPro

Acquisition Highlights
  • This is Turnspire Capital Partners’ 2nd and Backcast Partners’ 1st transaction in the Automotive sector.
  • This is Turnspire Capital Partners’ 6th and Backcast Partners’ 6th transaction in the United States.
  • This is Turnspire Capital Partners’ 2nd and Backcast Partners’ 1st transaction in Ohio.

M&A Deal Summary
Date 2020-08-04
Target Infinity Engineered Products
Sector Automotive
Buyer(s) Turnspire Capital Partners
Backcast Partners
Sellers(s) EnPro
Deal Type Divestiture

Target

Infinity Engineered Products

Fairlawn, Ohio, United States
Infinity Engineered Products is a provider of premium air springs for trucks, trailers, buses, and specialty vehicles.

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Buyer(S) 2

Buyer

Turnspire Capital Partners

Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.

DEAL STATS #
Overall 6 of 14
Sector (Automotive) 2 of 3
Type (Divestiture) 3 of 8
State (Ohio) 2 of 2
Country (United States) 6 of 13
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-16 MPI Products

Rochester Hills, Michigan, United States

MPI Products is a manufacturer of high-precision, fine blanked metal components for powertrain systems, hydraulic systems and other safety-critical automotive and industrial applications. MPI Products was founded in 1969 and is based in Rochester Hills, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-23 Stemco

Longview, Texas, United States

Stemco is a manufacturer of critical wheel-end components for the commercial vehicle market. Through strategic global alliances, beneficial acquisitions, and strong partnerships, Stemco provides the worldwide commercial vehicle market with dependable, high-quality wheel-end components, braking products, suspension components, and intelligent transportation systems. Stemco Products was formed in 1951 and is based in Longview, Texas.

Buy $40M
Buyer

Backcast Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2016
Size Small
Type Sector Agnostic
DESCRIPTION

Backcast Partners is a private investment firm focused on providing debt and equity financing solutions to mid-sized companies with $10 to $50 million in revenue. Backcast invests in businesses owned or backed by private equity firms, as well as businesses owned by families, management teams, or others. Investment proceeds are typically used for acquisitions, strategic and growth initiatives, or simply to refinance existing capital structures. Backcast Partners was formed in 2016 and is headquartered in Millburn, New Jersey.

DEAL STATS #
Overall 6 of 7
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 2
State (Ohio) 1 of 1
Country (United States) 6 of 7
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Memorial MRI and Diagnostic

Houston, Texas, United States

Memorial MRI & Diagnostic is a provider of outpatient diagnostic imaging services in the Houston market. It is a provider of diagnostic imaging services including MRI, CT or CAT scan, nuclear medicine, ultrasound, digital X-ray, digital mammography, dual energy X-ray or DEXA, pain management and other radiology services. Memorial MRI and Diagnostic is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-01 Arcticom Group

Walnut Creek, California, United States

Arcticom Group is a network of commercial and industrial refrigeration companies that provide HVACR service/maintenance across the Western United States and installation services throughout North America. Arcticom Group is based in Walnut Creek, California.

Sell -

Seller(S) 1

SELLER

EnPro

Charlotte, North Carolina, United States
Category Company
Founded 2002
Sector Machinery
Employees3,500
Revenue 1.1B USD (2023)
DESCRIPTION

EnPro is a provider of sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products. EnPro was founded in 2002 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 4 of 9
Sector (Automotive) 1 of 2
Type (Divestiture) 4 of 9
State (Ohio) 1 of 1
Country (United States) 4 of 8
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-12 Fairbanks Morse Defense

Beloit, Wisconsin, United States

Fairbanks Morse Defense develops and manufactures heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse and ALCO brand names, which are used primarily in marine and power generation applications. Fairbanks Morse Defense was founded in 1871 and is based in Beloit, Wisconsin.

Sell $450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 Alluxa

Santa Rosa, California, United States

Alluxa, Inc. provides specialized optical filters and thin-film coatings for the most challenging applications in the industrial technology, life sciences, and semiconductor markets. Alluxa was founded in 2007 and is based in Santa Rosa, California.

Buy $255M
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