CASCADE TWP. — Cascade Engineering Inc. has sold its powersports division to a private equity-backed firm, marking a second notable sale this year for the plastic injection molding manufacturer.
Walbro LLC’s acquisition of the company includes Cascade Engineering’s South Plant at 5141 36th Street in Cascade Township near Grand Rapids. The McLean, Va.-based Walbro, a global manufacturer of critical engine components, will continue to operate the business from the South Plant with the former Cascade team.
Cascade’s powersports division manufactures various precision molded plastic parts for OEMs in the sector, including Harley Davidson, Polaris and Honda Powersports.
“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,” Cascade Engineering President and CEO Greg Bylsma said in a statement.
Mike Coyle, Walbro’s fuel systems president, said the company “fast-tracked” the bolt-on acquisition because 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.”
Coyle added that Walbro officials see Grand Rapids “as a desirable location to secure the required talent supporting the growth with the larger pool of resources within the area.”
A portfolio company of U.K.-based Nova Capital Management Ltd. and Boston-based Landon Capital Partners LLC, Walbro currently has operations in Cass City in the Thumb area.
Birmingham-based Angle Advisors LLC served as Cascade’s investment banker in the deal.
The Walbro deal is Cascade’s second sale of a division this year. In June, the plastic injection molding manufacturer sold CK Technologies LLC, previously its largest division that focused on commercial trucks and buses.
Company officials said at the time that the deal allowed Cascade Engineering to “completely focus on innovation in sustainable plastics while serving its many customers in its traditional markets — solid waste and recycling, office furniture, custom polymers, and automotive markets in the U.S. and in Europe.”