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’ 49th 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
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

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 56 of 57
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 14 of 15
State (Indiana) 4 of 4
Country (United States) 49 of 50
Year (2024) 2 of 3
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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-22 Knowtion Health

Boca Raton, Florida, United States

Knowtion Health helps major health systems and hospitals across the U.S. recover maximum dollars from all types of third party-payer claims. Specializing in denials, complex claims, and RCM optimization, RSource deploys an experienced, tech-enabled team to customize receivables management solutions. Knowtion Health’s programs are designed to accelerate and maximize netback, enhance patient satisfaction, and provide actionable feedback to improve front-end processes. Knowtion Health was formed in 2008 and is based in Boca Raton, Florida.

Buy -
Buyer

BayPine

Investor Investor Investor Investor Investor

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

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 14 of 15
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Indiana) 6 of 6
Country (United States) 14 of 15
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-13 EastPoint Sports

Succasunna, New Jersey, United States

EastPoint Sports designs, sources, and distributes indoor and outdoor home recreational products through mass retail and e-commerce channels. The EastPoint Sports family of brands includes Go! Gater, Majik, Rec-Tek, Classic Sport, Narwhal, NHL, HEAD, PENN, Kan Jam, and Pro-Line Tailgating. EastPoint Sports was founded in 2009 and is based in Succasunna, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-16 Guardian Pharmacy

Atlanta, Georgia, United States

Guardian Pharmacy is a closed-door, institutional pharmacy focused on meeting the needs of individuals that reside in assisted living and skilled nursing facilities. Guardian Pharmacy was founded in 2003 and is headquartered in Atlanta, Georgia.

Sell -
SELLER

Mayfair Capital Partners

Investor Investor Investor

Category Private Equity Firm
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
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 -
Mergr

Product

Company

Legal