GRAND RAPIDS, Mich. — Lacks Enterprises Inc., a Grand Rapids-based automotive components supplier, has acquired a majority stake in Forgeline Motorsports, a Dayton, Ohio-based manufacturer of custom, made-to-order, lightweight forged aluminum street and racing wheels.
Brothers David Schardt and Steve Schardt, co-founders of Forgeline Motorsports, will collectively retain minority ownership of the company. They will continue in their roles as president and vice president of sales, respectively.
Financial terms of the agreement were not disclosed.
"The Forgeline brand is very strong in the racing and automotive aftermarket communities, and we look forward to working alongside its talented team," said Ryan Lacks, managing director of the wheel division of Lacks Enterprise, which will include Forgeline.
"This is the ideal fit between two family-owned, U.S.-based wheel manufacturers."
Lacks said the acquisition provides a unique symmetry that complements both companies. Lacks is ISO-certified and an approved vendor to global automakers, providing Forgeline with an immediate in-road to offer its high-performance wheels to the original equipment market.
"This acquisition provides us with increased research and development investment and manufacturing capabilities, while Lacks gains access to our aftermarket customers and wheel manufacturing," Forgeline President David Schardt said.
Lacks said the company is committed to keeping Forgeline operations in Dayton and the acquisition will not cause disruption for Forgeline's employee base or its customers.
"We see this as an injection of new business opportunity," Lacks said, noting that the new entity will now be called Lacks Forgeline L.L.C.
"We envision immediate growth and expect to add staff in Dayton and Grand Rapids."
Founded in 1961 in Grand Rapids, Lacks Enterprises was formed in 1961 by Richard Lacks Sr. and his father J.P. Today it provides turnkey solutions involving thermoplastic design, injection molding, chrome plating, painting, assembly, logistics and supply chain management.
Among its businesses is Lacks Carbon Fiber, which makes carbon-fiber wheels for high-end and performance cars, and Lacks composite wheel technology.
Lacks also provides global export and distribution capabilities.
Forgeline manufactures wheels for specialty vehicle builders, professional racing teams and enthusiast owners of exclusive sports cars and muscle cars.
