WAYNE, Pa., May 3, 2023 - Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of Richwood Industries, Inc. ("Richwood" or the "Company").
Founded in 1988, Richwood Industries is a nationwide manufacturer and distributor of composite panels, plywood, tackable solutions, drawers, and dry-erase boards, as well as PolyBak, a proprietary backer and overlay. Based in Grand Rapids, Michigan, the Company distributes its products across all 50 states as well as internationally. Richwood's wide variety of products are used in the production of office and healthcare furniture, dormitory and institutional furniture, commercial interiors, and more.
Argosy partnered with Guy Boitos of Stone River Capital Partners, a Michigan-based private investment firm with significant experience in the industry. This is Argosy's fourth investment with Stone River Capital Partners.
"We are excited to be partnering with Richwood's team to help the company achieve its goals and add value. Richwood's products, including PolyBak, are built to the specifications of customers, which has contributed to deep relationships and customer loyalty. Richwood has a unique customer first culture that Argosy looks for in its investments and will continue to support," said Keven Shanahan, Partner at Argosy Private Equity.
"We believe working with Argosy will allow Richwood to focus more intently on developing and refining our product and service mix to meet the ever-changing needs of our customers. We look forward to leveraging our long-standing customer relationships and Argosy's experience to pursue additional growth opportunities," said Dan Springer, President of Richwood.
Alongside management, Argosy has begun execution of its Value Acceleration Methodology (VAM™) to help add value to several key areas of the business. Key aspects of the value creation plan include expansion of product offerings and distribution services, expanding customer and vendor relationships, and implementing strategic marketing and pricing initiatives.
Argosy continues to seek platform investments for its sixth fund and add-on acquisition opportunities for the existing portfolio. Argosy aims to partner and invest with lower middle market niche manufacturing and business-to-business services companies that have a substantial ability to grow.
About Argosy Private Equity
Argosy Private Equity, founded in 1990, specializes in providing capital and operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and attractive growth prospects. Argosy Private Equity is a division of Argosy Capital Group, Inc. ("Argosy Capital") together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners, and Argosy Healthcare Partners. Argosy Capital is an investment adviser with approximately $3.1 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies.
For further information, please visit: www.argosype.com
Contact:
Argosy Private Equity
Sarah Busch
sbusch@argosycapital.com
SOURCE Argosy Private Equity
