Lacks Enterprises Inc. has reached an agreement to acquire 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 and Steve Schardt, co-founders of Forgeline Motorsports, will collectively retain minority ownership of the company, according to a press release. 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.”
The acquisition is mutually beneficial for both companies, according to the releaser, providing 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.
Additionally, Lacks gains a well-established wheel manufacturer with strong engineering experience and aftermarket relationships for carbon fiber wheel business growth.
“This acquisition provides us with increased research and development investment and manufacturing capabilities, while Lacks gains access to our aftermarket customers and wheel manufacturing,” said David Schardt, president of Forgeline. “It truly is a ‘win-win’ with terrific growth opportunities.”
Ryan Lacks emphasizes 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. David and Steve Schardt will continue in their roles as president and vice president of sales, respectively.
“We see this as an injection of new business opportunity,” Lacks said, noting that the new entity will now be called Lacks Forgeline LLC. “We envision immediate growth and expect to add staff in Dayton and Grand Rapids.”
“For 30 years, Dave and I have built Forgeline by surrounding ourselves with great people,” Steve Schardt said. “We view this as a big step for our company and are excited to see what we can accomplish together with Lacks Enterprises.”
