A much deserved congratulations to our client, Walpole Outdoors, LLC (popularly known as Walpole Woodworkers for many years), on the sale of the business to Argosy Investment Partners. We are proud to have represented Walpole Outdoors in this transaction!
Argosy Acquires Walpole Outdoors
On February 26, 2019, Argosy Investment Partners V, L.P. and its parallel fund (together, “Argosy”) acquired Walpole Outdoors (“Walpole” or the “Company”).
Established in 1933 and headquartered in Norwood, Massachusetts, Walpole is a premiere manufacturer, direct-to-consumer (“D2C”) marketer, and installer of high-end outdoor products. Throughout the Company’s 80+ year history, Walpole has established itself as a known leader in the outdoor products category, renowned for its highly-recognized brand, craftsmanship and the aesthetic quality of its products. Walpole’s fully-integrated business model and stringent quality control processes make possible the development, manufacture and installation of high-quality products valued by discerning consumers.
Walpole’s product portfolio is composed of four primary product categories: high-end fencing and gates, mailboxes and lantern posts, outdoor structures including pergolas and arbors, and accessories, such as bird houses and garden decor. In addition, Walpole offers delivery and installation services. The Company utilizes two primary raw materials for its products: northern white cedar, a wood known for durability, and AZEK cellular vinyl, a premium synthetic alternative to wood that offers a nearly identical aesthetic but with the benefits of composite, including minimal maintenance and a significantly elongated lifespan.
The Company’s business model is fully integrated from “forest to finish” with products made in the U.S.A. Walpole owns and operates raw wood milling operations, wood and cellular vinyl fabrication facilities, and warehousing locations in Maine. These manufacturing and distribution capabilities are complemented by the Company’s multi-channel sales and in-house installation networks. Walpole employs a multichannel, D2C network that includes e-commerce, online and catalog sales, in-home consultations, and a network of retail stores.
Argosy will be focused on working with management to implement growth strategies and operational improvements for Walpole, which include rationalizing manufacturing costs and footprint, optimizing marketing spend, expanding geographically, and growing the e-commerce platform.