Outdoor furniture maker Poly-Wood acquired
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
A manufacturer of recycled outdoor living products headquartered in Kosciusko County is under new ownership. Syracuse-based Poly-Wood LLC has been acquired by an investment group led by New York-based Arsenal Capital Partners, though financial terms are not being disclosed.
Arsenal made acquisition in partnership with Boston-based private investment firm BayPine LP.
Poly-Wood makes a variety of all-weather, high-density polyethylene, or HDPE, products out of recycled and reusable plastics, including milk jugs and detergent bottles, what it says is a 99% waste-free process.
Co-founder and CEO Doug Rassi said in a news release that he is thrilled about the next phase in the company’s growth through the acquisition.
“Arsenal’s deep domain expertise in the polymer processing market and its understanding of our unique manufacturing processes, coupled with BayPine’s technology know-how and sharp focus on further developing our digital capabilities, gives us confidence in our go-forward partnership and unique ability to build a strategically important business,” Rassi said.
Poly-Wood operates two manufacturing facilities in Syracuse and Roxboro, North Carolina, with showrooms throughout the country.
The company employs some 1,650 workers, and a company spokesperson said in an email to Inside INdiana Business that there are no plans for any workforce reductions.
“We see meaningful opportunity ahead for POLYWOOD and significant whitespace in the HDPE market,” said Matthew Teller, a principal at Arsenal. “We look forward to investing behind the company to achieve both key organic and inorganic initiatives and to further drive long-term strategic value.”
Last fall, Poly-Wood was named one of the Indiana Chamber of Commerce’s Best Places to Work in Manufacturing.
In 2018, the company was spotlighted on Inside INdiana Business with Gerry Dick. You can view the full segment in the video below: