VRC Engineered Solutions, a portfolio company of Blue Point Capital Partners, has acquired Cascadia Custom Molding, a provider of thermoplastic components. No financial terms were disclosed.
CLEVELAND / March 30, 2021 / Blue Point Capital Partners (“Blue Point”) and its Blue Point IV portfolio company, VRC Engineered Solutions (“VRC”), announced today the acquisition of Cascadia Custom Molding (“Cascadia”). The acquisition will expand VRC’s product offerings and geographic footprint while enhancing manufacturing capabilities and diversifying end markets served.
For over 40 years, Cascadia has provided high-quality thermoplastic components to highly regulated and attractive markets such as medical, aerospace and consumer goods. Cascadia operates out of manufacturing facilities in Coeur d’Alene, Idaho, and Woodinville, Wash. The acquisition will expand VRC’s manufacturing footprint into the Pacific Northwest, offering increased capability and flexibility for both VRC and its customers.
Blue Point and the VRC management team value Cascadia’s diverse customer base and focus on complex, low-volume parts, as well as in-house capabilities that further expand VRC’s tooling, materials, production and service capabilities.
“This acquisition strategically marks the next phase of growth for both VRC and Cascadia. Uniting the respective company visions and leveraging their combined capabilities, services, technologies and expertise across all locations will offer significant benefit to our customers,” said Blue Point Partner Jonathan Pressnell. “The geographic and end market expansion, along with the potential for cross-selling opportunities, makes the combined company well-positioned for growth.”
With over 25 custom material manufacturer investments over the course of its 20-year history, Blue Point and its network of operating executives bring substantial commercial, operating and technical experience to support the management teams. Dale Meyer, who along with his wife, Janeanne Upp, has owned Cascadia for 18 years, said, “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.” P&M Corporate Finance (PMCF) served as financial advisor to Cascadia in the transaction.
Cascadia is VRC’s first add-on acquisition since Blue Point acquired the platform in August 2019. “The thesis supporting our investment in VRC was to provide unique resources to drive organic growth, while at the same time leveraging our M&A competency to expand the platform via acquisitions,” said Blue Point Partner John LeMay. “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.”
“Our partnership with Blue Point is highlighted by their support in identifying the best, complementary capabilities to execute against our core growth strategies. Over the past 50 years, VRC has committed to expanding our platform and continually adding value for our customers,” said VRC President Tom Gebhardt. “The Cascadia acquisition provides additional capabilities and synergies which allow us to offer a more diverse product portfolio and a one-stop-shop. I am excited to work with the collective team to continue to build a world-class organization rooted in operational excellence and superior customer service.”