Polywood, a leading high-density polyethylene outdoor living brand, was recently sold to Arsenal Capital Partners in partnership with BayPine LP for an undisclosed sum. File photo

News Release

SYRACUSE — Mayfair Capital Partners, a growth-oriented private investment division of Oxford Financial Group, Ltd. announces the sale of its portfolio company, Poly-Wood, LLC (doing business as Polywood) to an investor group led by Arsenal Capital Partners, in partnership with BayPine LP.

Arsenal Capital Partners is based in New York, while BayPine LP, a private investment firm, is based in Boston.

Financial terms of the transaction were not disclosed.

Headquartered in Syracuse, Polywood is a leading high-density polyethylene outdoor living products brand in North America. Founded in 1990, Polywood pioneered this fast-growing segment of the high-quality outdoor living products market offering consumers a superior product relative to traditional material options such as wood, wicker and metal.

More than 30 years ago, Polywood was the first to create all-weather outdoor living products using recycled plastics. Polywood’s products are made from recycled and reuseable plastics, including milk jugs and detergent bottles, in what the company says is a 99% waste-fee process.

Co-founder and CEO Doug Rassi said in a news release that he is thrilled about the next phase of 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, give us confidence in our go-forward partnership and unique ability to build a strategically important business, “ he said.

The company’s mission remains the same today — Polywood is forever outdoor living products designed to be loved through countless seasons and proudly crafted in America with industry-leading sustainability practices. The company’s manufacturing operations are located in Syracuse, and Roxboro, N. C. Polywood currently employs approximately 1,650 people operating from leased facilities comprising 2.0 million square feet.

“We are proud of the growth we have achieved to date and the leadership position we have established in our industry. We look forward to driving continued growth and product innovation as we begin our next chapter.” shared Doug Rassi, Polywood Founder and CEO.

The company’s competitive positioning is underpinned by industry-leading scale, No. 1 brand awareness, vertically integrated domestic manufacturing, omnichannel distribution, and an innovative, comprehensive product portfolio.

Products include Adirondack, rocking and occasional chairs, benches, swings, dining sets and deep seating used in residential back yards, patios and decks as well as restaurants, cruise ships and hotels, which Polywood sells through a digitally led, omnichannel distribution strategy.

“We see meaningful opportunity head 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 Polywood was named one of the Indiana Chamber of Commerce’s Best Places to Work in Manufacturing.

Oxford’s Mayfair division has a history of investing in high-growth, market-leading companies with the goal of providing growth capital and strategic support to enable businesses to broaden their reach and better serve their customers.

During Mayfair’s ownership, Polywood’s talented management team, led by Founder and CEO Doug Rassi, has driven organic growth, expanding its product assortment with new, on-trend designs and timeless classics and scaling its production capabilities in its Indiana and North Carolina facilities.

“It has been a privilege to partner with such a world-class management team to meet the needs of Polywood’s with product innovation, and manufacturing scale,“ said Bo Ramsey, chief investment officer, and co-managing partner at Mayfair & Oxford. “We are thrilled by the results our investment in Polywood was able to produce for our clients.”

Jeff Thomasson, Oxford’s CEO and managing director, said, “We believe this ability to partner with exceptional leaders like Doug and the Polywood management team is an important component of what sets us apart from other firms, and we are pleased to be able to provide these opportunities to our clients.”

For more information, visit polywood.com.