MW Industries, Inc. Acquires Economy Spring
10/12/2011
Logansport, IN, October 12, 2011 – MW Industries, Inc., a leading U.S. manufacturer of highly engineered specialty springs and fasteners, today announced the acquisition of Economy Spring of Southington, Connecticut. Terms of the transaction were not disclosed.
Dan Sebastian, President and CEO of MW Industries, commented, “We are very pleased to complete this transaction of a company that is as highly respected in our industry as Economy Spring. Their reputation for high-quality and best-in-class manufacturing will fit well within the MW Industries’ family of companies.” He further commented, “In the current economic climate we have renewed our efforts to expand in the industries and markets we serve. The company intends to continue to put its new capital structure to work in expanding our geographic reach and servicing our key markets.”
Leo Charette, owner and CEO of Economy Spring, said, “Together with my dedicated and hard-working employees, we have built a strong and viable company. I am pleased to see that a company like MW Industries is committed to growing Economy Spring. It is an exciting time for all of the Economy employees as they become part of a strong and growing company in the spring industry.”
Scott Keihle, MW Industries’ COO, added, “Economy Spring will allow us to expand into new markets and increase our market share in some of our core markets.” Jim Callaghan, MW Industries’ CFO, also commented, “We are excited about adding Economy Spring to MW Industries. It will add to our financial strength and help us better serve our customers.”
About MW Industries, Inc.
MW Industries, Inc. (www.mw-ind.com) is a manufacturer and distributor of highly-engineered springs, stampings, and specialty fasteners. Founded 80 years ago, MW Industries today operates 13 facilities and employs approximately 900 people. The Company serves the global transportation, construction, agriculture, electronic, medical, energy, power tool, and industrial machinery industries with precision-engineered custom parts and off-the-shelf catalog components. MW Industries joined Genstar Capital, LLC, a middle-market private equity firm, in June 2011. Rob Rutledge, who leads Genstar’s Industrial Technology vertical, said, “We are excited about this investment in Economy Spring and believe it will help drive organic growth and open up additional acquisition opportunities.”
About Economy Spring and Stamping
Economy Spring and Stamping was incorporated in November 1981 and is currently located in Southington, CT. The company is a manufacturer of specialty springs using advanced, high-tech coiling applications, metal stampings, and wire forms for the medical, aerospace, government and commercial industries.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, software and software services, financial services, and industrial technology industries.
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Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334