UL Acquires Iowa Testing Company
Privately held Springboard Engineering Inc. is based in Newton, Iowa, and was founded by former Maytag design engineers, according to both companies.
Underwriters Laboratories of Northbrook, Ill., announced May 24 that it has reached a definitive agreement to acquire the assets of Newton, Iowa-based Springboard Engineering, Inc. UL said the deal will expand its performance, ENERGY STAR®, and reliability testing and engineering advisory services. Privately held Springboard Engineering has eight owners and approximately 40 associates who include engineers, CAD specialists, and consumer scientists, according to the company's website. The company is based in Newton, Iowa, and was founded by Maytag design engineers.
"This acquisition will enable UL to strengthen and expand our capabilities to serve key customers in the HVAC, Appliances, and Components segments and give us a comprehensive suite of services to support global manufacturers," said Sajeev Jesudas, president of UL Verification Services. "Springboard Engineering's experience and capabilities will allow us to increase our safety and performance testing capacity and expand our offerings in key growth markets such as ENERGY STAR® and smart appliances."
"Springboard Engineering and UL share complementary offerings and we fully expect this will play a critical role in deepening our relationships with our combined customers," said Jordan Bruntz, the acquired company's president. "With our combined focus on safety, performance, energy testing, and engineering services, together we can play a key role in helping companies create safer and more energy efficient products."
Springboard Engineering will become part of UL's Verification Services business and will maintain its headquarters in Newton after the deal closes at the end of May, with Bruntz staying on as president. The two companies acted as their own financial advisor for the transaction, according to their news release.