MW Industries, Inc. Acquires Economy Spring

Logansport, IN — October 12, 2011 – Dan Sebastian, President & CEO of MW Industries, Inc. (MWI) headquartered in Logansport, Indiana, announced today the acquisition of Economy Spring of Southington, Connecticut. Terms of the transaction were not disclosed.

Dan Sebastian, 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 be assisting with an orderly transition and continuing the excellent service that our customers expect from 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, MWI's 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, MWI's CFO, also commented, "We are excited about adding Economy Spring to MWI. It will add to our financial strength and help us better serve our customers."

MW Industries, Inc. is a manufacturer and distributor of springs, stampings, and specialty fasteners. Started 80 years ago as a single company, MWI today operates 13 facilities and employs approximately 900 people. MWI 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. MWI joined the Genstar Capital, LLC, a middle-market, private equity firm, in June of this year. Rob Rutledge, who leads Genstar's Industrial Technology vertical, said, "We are excited in making this initial investment with the team at MWI. This investment in Economy will help drive growth both organically and open up additional acquisition opportunities."

Economy Spring and Stamping was incorporated in November 1981 and is currently located in Southington, CT. The company is a manufacturer of springs using advanced, high-tech coiling applications, metal stampings, and wire forms by the four-slide process, torsion operations, and proprietary forming equipment. Under the leadership of its owner, Leo Charette, the company has steadily grown to become a part of the local industrial base.

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.

Contact:
Dan Sebastian
MW Industries, Inc.
Ph: 574.722.8242
dsebastian@mw-ind.com
www.mw-ind.com

 

 

 

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