Tucson, AZ, November 14, 2022 – Walbro, LLC’s Fuel Systems Division has acquired the Cascade Engineering “South Plant” Facility in Grand Rapids, Michigan through an asset purchase for an undisclosed sum on Monday, November 14, 2022. This acquisition provides for an expansion of Walbro’s plastic molding technology, which will expand its product offerings, provide further vertical integration, and create synergies with existing customers and add new customers to its portfolio. This strategic acquisition aligns with Walbro’s desire to drive value through both organic and inorganic growth.
“I am very pleased with this acquisition, their book of business and most importantly the experienced and passionate team members that come with this added facility”, states Mike Coyle – President – Fuel Systems. “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 talent needed to support our growth given the larger pool of human resources in the area. We already operate in Michigan so the close proximity to our Cass City, MI location allows us to effectively support this satellite plant from our existing location”, added Coyle.
“Our team is excited with this bolt-on acquisition and we welcome our expanded team members. We see this as an opportunity to serve our existing customers with new product lines, along with new relationships with the added customers served by Cascade”, says Chris Quick Executive Vice President – Fuel Systems. “There are great opportunities straight away to offer additional unique products and technologies to our current partners. Our team has developed a long term plan to capture these synergies and will be hitting the road very soon to brief our customers”, adds Quick.
“This acquisition by Walbro’s Fuel Systems Division adds additional capabilities and synergies which will create additional value for its customers. We are excited by the prospect of this powerful combination of capabilities, competencies and an experienced workforce joining the Walbro team”, cites Jan Kreminski – Operating Partner for Nova Capital Management. “The combination of injection molding and blow molding capability will allow Walbro Fuel Systems to broaden its product offerings and strengthen its leading global market position.”
“We are always on the hunt for complementary acquisitions for our portfolio companies where the combination of capabilities and resources can strengthen our businesses. This acquisition brings additional skills and expertise to Walbro that will enable the business to expand its reach into its core power sports, recreation and marine markets. We welcome the Cascade team to Walbro”, adds Chris Sullivan – Managing Partner of Landon Capital Partners, LLC.
Walbro is a global market leader in engine management and fuel systems products, and a leading supplier of high-pressure aluminum die casting 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, and fuel storage and delivery systems.
Walbro is a global organization, headquartered in Tucson, Arizona, with over 2300 employees worldwide. The company has ISO certified manufacturing and engineering facilities in the United States, Japan, Mexico, Thailand and China. Additional information regarding Walbro is available at www.Walbro.com.
About Cascade Engineering
Cascade Engineering (CE) is a family owned global manufacturing company based in Grand Rapids, Michigan. CE 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, CE 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, CE is one of the largest Certified B corporations in the world. For more information, please visit www.cascadeng.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, visit: www.landoncapital.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 $1.7bn from offices in London and Chicago and managed, and successfully exited, investments in over 75 portfolio companies. For further information on Nova visit: www.nova-cap.com
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Fuel Systems Executive Vice President
Sales and Business Development