Argosy Private Equity, a lower-middle-market private equity firm, has bought Richwood Industries Inc.

Founded in 1988, Richwood Industries is a manufacturer and distributor of composite panels, plywood, tackable services, drawers and dry-erase boards, as well as PolyBak, a backer and overlay. Based in Grand Rapids, Mich., the company distributes its products across all 50 states and internationally. Richwood’s products are used in the production of office and healthcare furniture, dormitory and institutional furniture, commercial interiors and more. The investment was made with Stone River Capital Partners.

“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,” comments Dan Springer, president of Richwood. “We look forward to leveraging our long-standing customer relationships and Argosy’s experience to pursue additional growth opportunities.”