Argosy Private Equity bought controlling interest of furniture maker Casual Living Unlimited LLC and recycler Trigon Plastics LLC from James Allgyer on June 3.
Management team members retain minority shares. Terms were not disclosed.
Allgyer founded, and remains active with, the two Pennsylvania businesses and serves as a board member.
Established in 2004, Casual Living in New Holland manufactures high-end 100 percent recycled outdoor furniture and accessories for distribution in the United States and parts of Europe under the Breezesta brand.
Trigon, located about 20 miles north of Casual Living in Newmanstown, Pa., operates a plastics recycling facility to supply the furniture business. The site reprocesses in excess of 25 million pounds of post-consumer plastic annually.
Casual Living employs about 45, and Trigon has 15 employees according to Don Krier, managing director of Woodbridge International LLC of New Haven, Conn., which represented Allgyer in the sale.
Prior to the sale, Allgyer had purchased a custom-designed Green Eye-brand optical sorting system from Green Machine Sales LLC of Hampstead, N.H. The system automatically processes highly contaminated bales of mixed plastics. Rotating discs declump bale fragments; waste fiber rises, and declumped plastics fall to the bottom.
In 2009, Pennsylvania awarded a $493,936 grant to Casual Living to buy an additional extruder and other equipment to reprocess post-consumer and post-industrial high density polyethylene.
Lower-middle-market investor Argosy of Wayne, Pa., part of Argosy Capital, has another polymer-related portfolio investment in Fairway Building Products LLC of Mount Joy, Pa., a manufacturer of vinyl and polymer-matrix-composite deck and porch railings.