The business was acquired from private equity firm Heartland Industrial Partners and the Close family with the management retaining a minority stake.
The sides did not disclose the financial terms of the deal, which is expected to close in June.
Golden gate managing director Rajeev Amara said, “Springs represents a terrific opportunity to invest in a market leader with proven competitive advantages and significant growth potential.
“Our decision to partner with Springs was driven by the strength of the management team and their long history of delivering world-class products and services.
“We are fully committed to further investing in the company to support and accelerate its continued growth, both organically and through add-on acquisitions.”
Golden Gate currently has $12bn under management.
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