EnPro Announces Completion of Sale of STEMCO Air Springs Business

EnPro Industries, Inc. (NYSE: NPO), a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors, today announced that it has closed the previously announced sale of its STEMCO Air Springs business unit to an affiliate of private equity firm Turnspire Capital Partners for a purchase price of $39.5 million, subject to adjustment based on the amount of cash and working capital on the closing date, consisting of $25 million in cash at closing, a long-term promissory note with a face value of $7.5 million that will be stated at fair value, and the retention of accounts receivable of approximately $7 million. EnPro announced the agreement to sell the STEMCO Air Springs business on August 3, 2020.

The completion of this transaction is consistent with EnPro’s strategy to focus its portfolio on materials science-based businesses with leading technologies, compelling margins, strong cash flow, and high levels of recurring revenue that serve markets with favorable secular tailwinds. The company will continue to apply the EnPro Operating System to enable continuous improvement and allocate capital, organically and inorganically, to drive growth in businesses with these characteristics with the goal of maximizing long-term shareholder returns.

Fidus Securities, LLC served as exclusive financial advisor to EnPro, and Robinson Bradshaw served as legal counsel.

About EnPro
EnPro is a leading technology company using materials science to push the boundaries of the semiconductor, life sciences, and other technology-enabled sectors. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.

About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions.