Financial details were not disclosed.
The acquisition, which closed Sept. 15, expands Iowa Spring’s growing presence as the premier supplier of precision-made springs for the overhead door, construction, agriculture, and recreational equipment industries, the company said.
Serving the overhead door industry, Northeast Spring operations include both its Reading headquarters as well as its Villa Rica, Georgia, facility. The company name and management team will remain intact with founder John O’Leary remaining onboard for the next three years “to ensure a smooth transition,” Iowa Spring said.
“Our team has worked tirelessly for more than two decades to build a highly respected company that is focused on family values, quality and integrity,” said O’Leary. “With so many spring companies being acquired by large private equity groups, it was essential to me to find a like-minded buyer that could be trusted to keep our team intact and who could uphold our company’s legacy and reputation. Iowa Spring is a perfect match, and I am confident in knowing that Northeast Spring will be in good, capable hands moving forward.”
Iowa Spring President & CEO Tim Bianco will oversee operations of Northeast Spring, in addition to its three existing facilities: the original Iowa Spring facility, its recent 55,000 square foot nearby expansion facility, and its sister company Southern Atlantic Spring of Granite Quarry, North Carolina.