Argosy Private Equity, a lower middle market private equity firm, today announced the acquisition of Burco, Inc.
Burco manufactures and supplies mirror glass and related products to various automotive and consumer markets across the United States and is an original equipment supplier to various specialty mirror head manufacturers. Headquartered in Grand Rapids, Michigan, Burco was founded in 1979 and is the only U.S.-based manufacturer of replacement side view mirrors. Operating out of a twenty-thousand square foot manufacturing and warehousing facility, the Company offers a large line of products engineered for over 4,500 different types of vehicles.
Argosy partnered with Guy Boitos of Stone River Capital Partners, a Michigan-based private investment firm with significant experience in the industry. This is Argosy’s third investment with Stone River Capital Partners.
“Burco is pleased to join forces with Argosy Private Equity. Throughout our nearly 50-year history, quality and customer service has always been at the forefront of our operation. Argosy’s partnership will help us continue this focus by expanding our product line and geographic reach to meet customer needs and pursuing additional growth opportunities aligned with our mission of ‘Quality is in our image’,” said Bill Castleberry, President of Burco.
“We are excited to be partnering with Burco’s experienced team. As the only domestic manufacturer of automotive mirror replacement, Burco has developed a strong reputation of fast shipping times, quality products, and great customer service. We are looking forward to working with the team to continue to grow and support strategic initiatives that build off of this foundation,” said Keven Shanahan, Partner at Argosy Private Equity.
Argosy and management have started to collaboratively implement the Value Acceleration Methodology (VAM™) process. Burco’s business strategy and value creation plan will focus on diversifying and introducing new product lines, leveraging strong e-commerce platform, expanding geographically in key target markets, and providing additional resources to the management team to help execute these plans.
Argosy continues to seek platform investments for its sixth fund and add-on acquisition opportunities for the existing portfolio. Argosy aims to partner and invest with lower middle market niche manufacturing and business-to-business services companies that have a substantial ability to grow.
About Argosy Private Equity
Argosy Private Equity, founded in 1990, specializes in providing capital and operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and attractive growth prospects. Argosy Private Equity is a division of Argosy Capital Group, Inc. (“Argosy Capital”) together with Argosy Real Estate Partners, Argosy Credit Partners, Argosy Strategic Partners, and Argosy Healthcare Partners. Argosy Capital is an investment adviser with approximately $3.1 billion of assets under management. All of the Argosy Capital funds focus on lower middle market investment strategies.
For further information, please visit: www.argosype.com
