Private equity firm Blue Point Capital Partners and its portfolio company VRC Engineered Solutions have purchased Idaho-based Cascadia Custom Molding to expand VRC's manufacturing footprint into the Pacific Northwest.
"The Cascadia acquisition provides additional capabilities and synergies which allow us to offer a more diverse product portfolio and a one-stop shop," Tom Gebhardt, president of VRC, said in a March 30 news release.
Milwaukee-based VRC is a custom molder of rubber, plastic and sealing components serving the aerospace and defense, automotive, industrial, oil and gas, marine and medical end markets.
VRC is made up of Ritus Corp. and its sister companies Vanseal and Classic Molding. Cleveland-based private equity firm Blue Point Capital bought VRC in August 2019.
In the release, Blue Point highlighted Cascadia's diverse customer base and focus on complex, low-volume parts.
Cascadia molds thermoplastic components for medical, aerospace and consumer goods markets in Woodinville, Wash. and Coeur d'Alene, Idaho. The company formed from the 2016 merger of Idaho-based Accurate Molded Plastics and Washington-based Mold-Rite Inc. It took on the name Cascadia Custom Molding in 2018.
Last year Cascadia made headlines for being a key supplier of molded plastic components to ventilator maker Ventec Life Systems. Bothel, Wash.-based Ventec worked with Cascadia and General Motors to rapidly ramp up production of ventilators needed for COVID-19 patients.
Cascadia did not immediately respond to inquiry for comment by Plastics News, including if there would be any leadership changes due to the sale.
"We decided to partner with VRC, and Blue Point, because we could see the same philosophical approach and strategic fit between the companies, the management teams and our vision of the future for Cascadia," CEO Dale Meyer said in the release.
"The geographic and end market expansion, along with the potential for cross-selling opportunities, makes the combined company well positioned for growth," Jonathan Pressnell, a Blue Point partner, said.
"The Cascadia platform fits squarely within the key end markets and capabilities of our focused add-on strategy, and we are enthusiastic about the opportunities available to the combined company going forward," another Blue Point Partner, John LeMay, said in the release.
P&M Corporate Finance (PMCF) served as financial adviser to Cascadia in the transaction.