MW Industries, Inc. Announces Acquisition of Pontotoc Spring
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Leading Manufacturer of Engineered Springs Expands Operations To Mississippi
LOGANSPORT, Ind., Feb. 21, 2012 - MW Industries, Inc., a leading U.S. manufacturer of highly engineered specialty springs and fasteners, continued the expansion of its operations with the announcement today of its acquisition of Pontotoc Spring of Pontotoc Mississippi, a division of Union Spring & Manufacturing Corporation of Monroeville, Pennsylvania.
Pontotoc Spring is a leading manufacturer of aftermarket coil springs. It also manufactures metal stampings for industrial, consumer and automotive applications. Bill Marcum, CEO of MW Industries, commented on the acquisition of Pontotoc Spring, "Pontotoc meets our strategic objective of continuing to identify strong companies that will further build our business. We are excited to add its strong operations, employees and customer base and anticipate expanding Pontotoc's business as part of MW."
Allen Roye, General Manager of Pontotoc Spring, added, "We are very pleased to be joining MW Industries to further build and invest in our operations. As part of MW, we will have additional resources that will allow us to continue providing an unmatched level of customer service and new product offerings for both our existing and new customers."
MW Industries is a portfolio company of Genstar Capital, a San Francisco based private equity firm that focuses on investments in selected segments of the industrial technology, life sciences, healthcare, financial services and software industries. Last year, MW acquired Economy Spring, a manufacturer of springs using advanced, high-tech coiling applications, metal stampings, and wire forms serving predominantly the medical end-market. Rob Rutledge, a Principal at Genstar who leads the firm's industrial technology vertical commented, "We are pleased with MW's progress and are excited to be acquiring Pontotoc Spring as we continue the growth of MW organically and through acquisitions."
Schneider Downs Corporate Finance, a full-service investment banking, corporate finance and strategic advisory firm, represented Union Spring in the transaction.
About MW Industries
MW Industries, Inc., headquartered in Logansport, Indiana is a leading provider of highly engineered springs, specialty fasteners and other precision components to more than 23,000 customers. Its 40,000+ products are sold through a combination of direct sales, catalogs and distributors to original equipment manufacturers and aftermarket customers in a number of industries, including medical, heavy truck, electronics, agriculture and construction, military and aerospace, energy and automotive.
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.
