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April 20, 2023
Private Equity

Argosy Private Equity Acquires Richwood Industries

On April 20, 2023, Argosy Private Equity acquired 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 operates both as a manufacturer of their own proprietary products and a distributor of niche materials that they have co-designed. 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.

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.

For more information, please contact Keven Shanahan at