Argosy Invests in Flow Dry Technology, Inc
On September 30, 2014, Argosy acquired a controlling ownership interest in Flow Dry Technology, Inc. Flow Dry is a leading provider of (i) moisture control products to the automotive, healthcare and industrial markets and (ii) gaskets to automotive and industrial markets. The Company is 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 in Brookville, Ohio with additional facilities in Hungary and China.
Flow Dry’s position in the marketplace is supported by its proprietary products and formulations and custom-built equipment. The Company’s significant moisture control expertise has allowed it to build a dominant market share in the desiccants market for automotive HVAC systems and provides the platform for growth into adjacent markets.
The current management team, led by Doug LeConey, President & CEO, will continue to manage the business. Bill Massa, an experienced industry executive with whom Argosy has partnered in the past, is also investing in Flow Dry and joining the Board of Managers.