Richwood Industries has been acquired by Argosy Private Equity, a lower-middle market private equity firm.
Richwood Industries, founded in 1988, is a national manufacturer and distributor of composite panels, plywood, tackable solutions, drawers, and dry-erase boards, as well as PolyBak, a proprietary backer and overlay.
The company, based in Grand Rapids, Michigan, distributes its products in all 50 states as well as overseas. Richwood’s extensive product line is utilized to manufacture office and healthcare furniture, dormitory and institutional furniture, commercial interiors, and more.
Argosy collaborated with Guy Boitos of Stone River Capital Partners, a Michigan-based private investment business with extensive industry experience. Stone River Capital Partners is Argosy’s fourth investment.
Argosy, in collaboration with management, has begun implementing its Value Acceleration Methodology (VAMTM) to assist add value to numerous critical areas of the business.
The value creation plan’s key components include growing product offerings and distribution services, strengthening customer and vendor connections, and executing effective marketing and pricing strategies.
Argosy is still looking for platform investments for its sixth fund as well as add-on acquisition opportunities for its existing portfolio.
Argosy seeks to partner with and invest in lower middle market specialist manufacturing and business-to-business services companies with significant growth potential.
Argosy Private Equity, which was created in 1990, specializes in providing capital as well as operational and financial skills to lower middle market companies in a variety of industries.
Argosy collaborates with motivated management teams to invest in firms that have long-term competitive advantages and strong growth potential.
Argosy Private Equity, together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners, and Argosy Healthcare Partners, is a branch of Argosy Capital Group, Inc. (“Argosy Capital”).
Argosy Capital is an investment adviser that manages roughly $3.1 billion in assets. Argosy Capital funds are all focused on lower middle market investment techniques.
