Argosy Invests in Reed City Tool
On May 19, 2017, Argosy acquired Reed City Tool (the “Company”), a full-scale mold building, press manufacturing, and injection molding business based in Reed City, Michigan. Argosy partnered with Stone River Capital Partners, a private investment firm based in Birmingham, Michigan that focuses on acquisitions of middle market businesses.
Reed City Tool was founded in 1959 and has been owned since 2009 by an individual who purchased the business from its former parent company. The Company supplies the automotive and building products industries with molds, hydraulic presses and manufactured plastic parts. Reed City Tool is widely recognized as the leader in manufacturing and aftermarket servicing of hydraulic presses for the garage door industry. The Company also serves other end markets including medical devices and office furniture.
Reed City Tool maintains a strong reputation as a leader in customer service, support, and quality. The Company’s core strengths have led to long-term partnerships with blue chip customers in the automotive, medical, and garage door industries. Argosy and Stone River will be focused on leveraging the Company’s experience and brand name to further penetrate existing markets and to expand into new industry verticals.