CARMEL – Mayfair Capital Partners, a growthoriented private investment division of Oxford Financial Group Ltd. announced in a press release the sale of its portfolio company, PolyWood LLC to an investor group led by Arsenal Capital Partners, in partnership with BayPine LP.
Financial terms of the transaction were not disclosed.
Headquartered in Syracuse, Polywood is a leading highdensity polyethylene outdoor living products brand, according to a provided news release. Founded in 1990, Polywood pioneered this fastgrowing segment of the highquality outdoor living products market offering consumers a superior product value proposition relative to traditional material options such as wood, wicker and metal.
The company’s differentiated competitive positioning is underpinned by industryleading scale, No 1 brand awareness, vertically integrated domestic manufacturing, omnichannel distribution and a comprehensive product portfolio, stated the release. 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.
Oxford’s Mayfair division has a history of investing in highgrowth, marketleading 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 by developing an omnichannel sales model, expanding its product assortment with new, ontrend designs and timeless classics, and scaling its production capabilities in its Indiana and North Carolina facilities, according to the release.
“It has been a privilege to partner with such a worldclass management team to meet the needs of Polywood’s customers and drive a strategy focused on omnichannel growth, product innovation, and manufacturing scale,“ said Bo Ramsey, chief investment officer and comanaging partner at Mayfair & Oxford. “We are thrilled by the results our investment in Polywood was able to produce for our clients.”
“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,” said Rassi.
Jeff Thomasson, Oxford’s CEO and managing director, said, “We are pleased to offer our qualified clients and partners with the opportunity to participate in hardtoaccess investment opportunities like this one, through Mayfair. We believe this ability to partner with exceptional leaders like Doug and the Polywood management team in differentiated businesses 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.”
Piper Sandler Companies acted as lead financial advisor to Polywood with Moelis & Company also acting as financial advisor to the company and Nelson Mullins Riley & Scarborough LLP serving as legal counsel. Baird acted as financial advisor to Arsenal and BayPine and Kirkland & Ellis LLP served as legal counsel.