Charter Capital Partners, a Grand Rapids, Michigan-based investment bank, announced that its client Richwood Industries has been acquired by Argosy Private Equity.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.“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,” stated Dan Springer, President of Richwood. “We look forward to leveraging our long-standing customer relationships and Argosy’s experience to pursue additional growth opportunities.”“Over three decades of leadership, founders Rick and Deb Start built a tremendous business with a culture that is second to none,” said Mike Brown, Partner and Managing Director at Charter Capital Partners. “Argosy recognized that cultural fit and is eager to expand Richwood’s core markets and reach. We couldn’t be happier for Rick and Deb.”“We are excited to be partnering with Richwood’s team to help the company achieve its goals and add value,” added Keven Shanahan, Partner at Argosy Private Equity. “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.” Argosy partnered with Guy Boitos of Stone River Capital Partners, a Michigan-based private investment firm with significant experience in the industry.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.