CASCADE ENGINEERING, INC. HAS SOLD ITS POWERSPORTS BUSINESS TO WALBRO LLC
Birmingham, Michigan – November 30, 2022 – Angle Advisors is pleased to announce that Cascade Engineering, Inc. (“Cascade”) has sold its Powersports business and the assets of its South facility based in Grand Rapids, MI (“Cascade PowerSports”) to Walbro, LLC (“Walbro”), a portfolio company of Nova Capital Management and Landon Capital Partners. Angle Advisors acted as the exclusive investment banking advisor to Cascade in completing the sale.
Cascade PowerSports manufactures a wide range of precision molded plastic parts primarily for major OEM’s in the powersports industry including Harley Davidson, Polaris, and Honda Powersports, among others. Capabilities include injection molding, three-dimensional suction blow molding, vibration welding, ultra-sonic welding, spin welding, CNC machining, and assembly.
Walbro will continue to operate the business out of the 50,000 square foot South facility with the former Cascade team.
“As we shift our focus to our large tonnage business, we could not have found a better buyer for Cascade PowerSports given Walbro’s excellent reputation with our customers, experience with plastic injection molding, and intention to continue operations at our South facility,” said Greg Bylsma, CEO of Cascade. “Angle Advisors’ experience and market knowledge were critical in helping us find the right buyer and get this deal done,” added Bylsma.
“I am very pleased with this acquisition, book of business and most importantly the experienced passionate team members that come with this added facility,” states Mike Coyle, President – Fuel Systems at Walbro. “We fast-tracked this acquisition as it aligns well with our long term vision of growing our product offerings in the markets we serve. Additionally, the significant growth planned for this site in the coming years made it extremely attractive. Just as important, we see Grand Rapids, MI as a desirable location to secure the required talent supporting the growth with the larger pool of resources within the area. We already operate in Michigan and close proximity to support this site from our existing location as well”, added Coyle.
Cascade Engineering is a family owned global manufacturing company based in Grand Rapids, Michigan. Cascade is a leading manufacturer specializing in large tonnage plastic injection molding and provides services to a broad diversity of markets including automotive, environmental services, office furniture, and polymer compounding. As a Triple Bottom Line organization and nationally recognized innovator in sustainable business practices, Cascade exemplifies the key role business can play in building financial, social, and environmental capital. With more than 1,000 employees in the United States and Budapest, Hungary, Cascade is one of the largest Certified B Corps in the world. For more information, please visit www.cascadeng.com.
Walbro LLC is headquartered in Tucson, Arizona, and is a global market leader in engine management products and fuel systems, and a leading supplier of high-pressure aluminum die casting and blow molded plastic products to customers around the world. Walbro’s products have powered over 435 million engines since 1950 in the lawn and garden, recreational and marine, construction, agriculture, and outdoor power equipment markets. Walbro manufactures carburetors, ignition systems, fuel injection systems, pumps, valves and fuel storage and delivery systems. For more information, please visit www.walbro.com.
Nova Capital Management is a pioneer in portfolio buy-outs, specializing in acquiring multiple businesses in a single transaction from corporate or financial sellers. Since its foundation in 2002, Nova has executed international transactions with a value of over $1.7 billion from offices in London and Chicago and managed, and successfully exited, investments in over 75 portfolio companies. For further information, please visit www.nova-cap.com.
Landon Capital Partners (“LCP”) is the direct private equity investment group of the Landon family and its select family office co-investment partners. LCP invests in middle market private equity opportunities primarily in the United States. Landon’s mission is to source, acquire, and manage lower middle market private equity buyouts, targeting opportunities for control equity positions in companies with $5 to $20 million of EBITDA. Preferred LCP investment targets display a high percentage of recurring revenue and strong free cash flow conversion and seek to leverage LCP’s flexible approach to partnership and long-term growth orientation. LCP began operations in 2015 and has offices in Boston and London. For more information, please visit www.landoncapital.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions, corporate divestitures, and capital raising. The firm’s professionals have completed 267 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.
Komentar