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April 5, 2024

Barnes Group closes on sale of two industrial businesses

COSTAR Barnes Group's Main Street headquarters in Bristol.
By Skyler Frazer

More than two months after the deal was first announced, Barnes Group on Thursday completed the $175 million sale of two of its businesses to a private equity firm, the company announced.

Thomas Hook, president and CEO of Bristol-based manufacturer Barnes, said the sale of its Associated Spring and Hänggi businesses aligns with the company’s efforts to “integrate, consolidate and rationalize” its industrial business sector. The two brands were part of Barnes’ motion control solutions business unit, which serves the automotive and other markets.

Barnes will use the net cash proceeds from the sale (about $140 million) to private equity firm One Equity Partners to reduce its debt, the company said.

Meanwhile, officials from New York-based One Equity Partners said they see room for the Associated Spring business to scale larger: it currently has more than 800 employees spread out across six production facilities worldwide.

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