Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of Richwood Industries, Inc., a Grand Rapids, Michigan-based nationwide manufacturer and distributor of composite panels, plywood, tackable solutions, drawers, and dry-erase boards, as well as PolyBak, a proprietary backer and overlay.
The amount of the deal was not disclosed.
Founded in 1988, Richwood Industries distributes its products across all 50 states as well as internationally. The company’s wide variety of products are used in the production of office and healthcare furniture, dormitory and institutional furniture, commercial interiors, and more.
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.
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