Pontotoc Spring, which makes coiled springs for the automotive aftermarket, as well as metal stampings for automotive, industrial and commercial applications, has been acquired by MW Industries of Logansport, Ind., for an undisclosed sum.
No word yet on the impact on the 90 workers at Pontotoc Spring, but the new owner says the company fits well into its operations.
Highlights of a press release:
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, Miss., a division of Union Spring & Manufacturing Corporation of Monroeville, Penn. Schneider Downs Corporate Finance represented Union Spring in the transaction.
Pontotoc Spring is a leading manufacturer of coil springs for the automotive aftermarket. It also manufactures metal stampings for automotive, industrial and consumer 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 share best practices through the organization.”
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 Industries, we will have synergies and 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. MW continues to look aggressively for other opportunities to grow by acquisition across a broad spectrum of geographies and end user markets.