M&A Deal Summary

Arsenal Capital Partners and BayPine Acquire Poly Wood

On March 25, 2024, private equity firms Arsenal Capital Partners and BayPine acquired furniture company Poly Wood from Cardinal Equity Partners and Mayfair Capital Partners

Acquisition Highlights
  • This is Arsenal Capital Partners’ 1st and BayPine’s 1st transaction in the Furniture sector.
  • This is Arsenal Capital Partners’ 50th and BayPine’s 5th transaction in the United States.
  • This is Arsenal Capital Partners’ 4th and BayPine’s 1st transaction in Indiana.

M&A Deal Summary

Date 2024-03-25
Target Poly Wood
Sector Furniture
Buyer(s) Arsenal Capital Partners
BayPine
Sellers(s) Cardinal Equity Partners
Mayfair Capital Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co.
Moelis & Co. (Financial)
Nelson Mullins Riley & Scarborough (Legal)

Target

Poly Wood

Syracuse, Indiana, United States
website
Poly Wood is a manufacturer of eco-friendly outdoor furniture and accessories, mostly made from HDPE recycled plastic lumber or aluminum. Poly Wood was founded in 1990 and is based in Syracuse, Indiana.

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Buyer(S) 2

Buyer

Arsenal Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Arsenal Capital Partners is a private equity firm focused on middle-market healthcare, specialty industrial, and financial service companies. Specifically, Arsenal looks to acquire businesses in the areas of specialty chemicals, aerospace/defense, transportation, environmental services, business services, insurance, asset management, financial technology, medical products, healthcare IT, and healthcare contract research/manufacturing. The Firm typically seeks to commit $50 to $300 million per investment in profitable businesses with at least $10 million of EBITDA. Funds are generally used to support buyouts, recapitalizations, growth financings, consolidations, and divestitures. The Firm avoids investing in companies reliant on high levels of technology. Arsenal Capital Partners was formed in 2000 and is headquartered in New York City.


DEAL STATS #
Overall 57 of 57
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 14 of 14
State (Indiana) 4 of 4
Country (United States) 50 of 50
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-15 Seal For Life Industries

Stadskanaal, Netherlands

Seal For Life Industries is a provider of corrosion prevention, waterproofing, and insulation prodStadskanaalucts. offers products for various markets, such as marine, splash zone, and underwater installation, mobile pipeline coating, onshore oil and gas pipelines, offshore, insulation, casing filler, energy, flooring, refinery, cathodic protection, cables and wires, and wastewater. Seal For Life Industries was founded in 1988 and is based in Stadskanaal, Netherlands.

Sell -
Buyer

BayPine

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2019
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BayPine is a private investment firm that seeks to invest in and acquire market-leading businesses across traditional sectors of the economy. BayPine has a particular interest in businesses where digital transformation can have a big impact on the future growth. BayPine was formed in 2020 and is headquartered Boston, Massachusetts.


DEAL STATS #
Overall 5 of 5
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Indiana) 1 of 1
Country (United States) 5 of 5
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Pinnacle Dermatology

Brentwood, Tennessee, United States

Pinnacle Dermatology is a provider of a comprehensive suite of dermatology and cosmetic services, caring for conditions like psoriasis, dermatitis, acne, and eczema and providing early detection of and highly-effective treatments for skin cancers, through its team of board-certified dermatologists. Pinnacle Dermatology was founded in 2004 and is based in Brentwood, Tennessee.

Sell -

Seller(S) 2

SELLER

Cardinal Equity Partners

Indianapolis, Indiana, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cardinal Equity Partners is a privately owned partnership that targets investments in lower middle-market businesses headquartered in the central portion of the US. Cardinal looks for light manufacturing, distribution, or service businesses with $5 to $50 million in revenue and at least $1 million of EBITDA. Prospective transaction situations include management buyouts, recapitalizations, family successions, and corporate spin-offs. Cardinal prefers businesses with proven management, recurring revenue, and no major customer concentration issues. Cardinal will not invest in software, heavy manufacturing, automotive, consulting, or companies with a significant percentage of non-US sales. Cardinal Equity Partners was formed in 1993 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 13 of 13
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Indiana) 6 of 6
Country (United States) 13 of 13
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-02 Gillette Generators

Elkhart, Indiana, United States

Gillette Generators is a Midwest-based manufacturer and supplier of premium standby backup and prime power generators for agricultural, commercial, industrial, and critical infrastructure end-users. Gillette Generators is based in Elkhart, Indiana.

Buy -
DESCRIPTION

Mayfair Capital Partners is the private equity division of Oxford Financial Group. The unit looks to make direct private equity investments on behalf of Oxford and its clients. Mayfair is a long-term investor and seeks profitable ($10 to $30 million of EBITDA) where it can commit $50 to $125 million of capital. Sectors of interest include consumer products, consumer services, business services, software, tech-enabled services, and value-added distribution. Mayfair Capital Partners is based in Carmel, Indiana.


DEAL STATS #
Overall 1 of 1
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Indiana) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-02 Baseline Fitness

Fargo, North Dakota, United States

Baseline Fitness is a franchisee in the Planet Fitness system with 100 locations under its umbrella. Baseline Fitness was founded in 2009 and is headquartered in Fargo, North Dakota.

Buy -