Argosy Private Equity, a lower middle market private equity firm, has announced the acquisition of Burco Inc., a manufacturer and supplier of mirror glass for various automotive and consumer markets in the U.S.
Headquartered in Grand Rapids, Michigan, Burco was founded in 1979 and is the only U.S.-based manufacturer of replacement side-view mirrors, according to a joint news release. The company operates out of a 20,000-square-foot manufacturing and warehousing facility, and offers products engineered for more than 4,500 types of vehicles. Argosy partnered with Guy Boitos of Stone River Capital Partners, a Michigan-based private investment firm, on the acquisition. This is Argosy’s third investment with Stone River Capital Partners.
“Burco is pleased to join forces with Argosy Private Equity. Throughout our nearly 50-year history, quality and customer service have always been at the forefront of our operation,” said Bill Castleberry, president of Burco. “Argosy’s partnership will help us continue this focus by expanding our product line and geographic reach to meet customer needs and pursuing additional growth opportunities aligned with our mission of ‘Quality is in our image.'”
Argosy and management have started to collaboratively implement the Value Acceleration Methodology (VAM™) process, according to the release.
“We are excited to be partnering with Burco’s experienced team. As the only domestic manufacturer of automotive mirror replacement, Burco has developed a strong reputation of fast shipping times, quality products, and great customer service,” said Keven Shanahan, partner at Argosy Private Equity. “We are looking forward to working with the team to continue to grow and support strategic initiatives that build off of this foundation.”
Burco’s business strategy and value creation plan will focus on “diversifying and introducing new product lines, leveraging a strong e-commerce platform, expanding geographically in key target markets, and providing additional resources to the management team,” the companies said in the release.