Lacks Enterprises acquires Forgeline Motorsports | Crain's Grand Rapids Business

Lacks Enterprises Inc. acquired a majority stake in an Ohio company that makes custom wheels for street and racing cars.

Buying a share of Dayton-based Forgeline Motorsports gives the Cascade Township-based family-owned tier one automotive supplier a “very strong” brand in both the racing and automotive aftermarket for custom-built wheels.

“We see this as an injection of new business opportunity,” Ryan Lacks, managing director of the wheel division of the Grand Rapids-based Lacks Enterprises, said in a statement. “We envision immediate growth and expect to add staff in Dayton and Grand Rapids.”

Terms of the deal were undisclosed. Co-founders and brothers David Schardt and Steve Schardt retained a minority stake in Forgeline, which retains operations in Dayton and was renamed Lacks Forgeline LLC.

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David Schardt continues as president and Steve Schardt serves as vice president of sales.

“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 said in an announcement on the deal that presents “terrific growth opportunities.”

“For 30 years, Dave and I have built Forgeline by surrounding ourselves with great people,” added Steve Schardt. “We view this as a big step for our company and are excited to see what we can accomplish together with Lacks Enterprises.”

A Lacks Enterprises spokesperson said the company acquired the majority stake in Forgeline “for business synergies.”

“This acquisition is more about identifying new market opportunity versus an M&A strategy,” the spokesperson said in an email to Crain’s Grand Rapids Business. “Lacks has purchased two companies in the past 20 years, both of which were driven by Lacks ability to anticipate new and growing market opportunities.”

Lacks Enterprises ranked as the 13th largest plastic injection molding company in North America, with 2023 injection molding revenues of $600 million and 2,850 employees, according to data from Plastics News.

Forgeline Motorsports makes made-to-order specialty aluminum automotive and racing wheels for sports, muscle and race cars. The company’s wheels are used by race teams competing in the IMSA, Pirelli World Challenge and Trans Am racing series in North America.

Lacks has long maintained a business in the wheel trim category, manufacturing styled composite covers for existing OEM wheels. With a 2018 deal for Emergent Carbon Wheels, Lacks first dipped it toe into lightweight wheel manufacturing in a move to “evolve our wheel business,” executives said at the time.

In fact, Forgeline and Emergent previously worked together to develop a two-piece carbon fiber and forged aluminum wheel, but the arrangement ended after Lacks Enterprises acquired Emergent, according to reports from Tire Business.

Following the Emergent deal, Lacks renamed the unit as Lacks Carbon Fiber and marketed a similar wheel featuring a two-piece design. The company disclosed last year that its two-piece wheel was included on the 2023 Dodge Challenger SRT Demon 170.

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