Midwest private-equity firm acquires Cascadia Custom Molding
Thermoplastic molder anticipates job growth following transaction, retirement by operatorsApril 22nd, 2021
Coeur d’Alene-based thermoplastic injection molder Cascadia Custom Molding has been acquired by a Cleveland, Ohio-based private equity firm and one of its portfolio companies.
Charles O’Bosky, president of Cascadia Custom Molding, says the previous owners of the company, Dale Meyer and Janeanne Upp, have retired.
The business was sold on March 30 to Blue Point Capital and VRC Engineered Solutions, a subsidiary of Milwaukee-based rubber and plastic molding manufacturer Ritus Corp.
O’Bosky says Cascadia Custom Molding produces parts for original equipment manufacturers in industries such as aerospace, medical, and electronics.
Other services offered through Cascadia include mold construction, in-house manufacturing for prototyping, design for manufacturing, machining, sonic welding, and drop shipment.
The company has one facility in Coeur d’Alene, at 3474 W. Industrial Loop, and another in Woodinville, Washington.
“We expect some significant growth at both plants through this acquisition,” O’Bosky says.
O’Bosky says it’s unclear how many employees could be hired as a result of the acquisition.
Cascadia Custom Molding and VRC Engineered Solutions complement each other well, O’Bosky says.
“The fit for our companies together is that we bring some customers that will help them diversify, and we bring a skillset that we can sell a different range of products and processes to their current customers. And vice versa. We can now offer services of rubber molded parts to our customers.”
Blue Point partner Jonathan Pressnell says in a press release that the acquisition gives VRC a foothold in the West Coast markets.
“The geographic and end-market expansion, along with the potential for cross-selling opportunities, makes the combined company well positioned for growth,” Pressnell says.
Cascadia Custom Molding is a trade name for Sound Plastics LLC. The company was founded in 2003 and formerly was named Accurate Molded Plastic.
In 2016, Accurate Molded Plastics acquired Woodinville-based Mold-Rite Inc. and renamed the combined company Cascadia Custom Molding.
O’Bosky says about 100 people work at the company’s Coeur d’Alene facility. He declines to disclose revenue data.