Argosy Private Equity has acquired a controlling ownership interest in Flow Dry Technology, a provider of moisture control products.
The management team of Flow Dry, led by CEO Doug LeConey, will continue to manage the business. Bill Massa, an industry executive that Argosy has partnered with on other investments, is also investing in Flow Dry and will join the company’s Board of Directors.
Flow Dry Technology is a provider of (1) moisture control products to the automotive, healthcare and industrial markets and (2) gaskets to automotive and industrial markets. According to Argosy the company is also the leading provider of desiccants used in HVAC systems in automobiles in the United States, with a significant international market share. Flow Dry is headquartered northwest of Dayton in Brookville, OH and has additional facilities in Hungary and China (www.flowdry.com).
Argosy Private Equity invests from $4 million to $10 million in lower middle market companies with revenues of $15 million to $100 million and EBITDA margins of 10% or greater. Sectors of interest include manufacturing, business services, and value-added distribution. The firm is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14