Recycled plastic furniture maker Polywood explores sale -sources
By Abigail Summerville
Nov 2 (Reuters) - Polywood, a maker of recycled plastic outdoor furniture, is exploring options including a sale that could value the private equity-backed company at around $1 billion, people familiar with the matter said.
Polywood is working with investment bank Piper Sandler on the sale process, which is in its early stages, said the sources who requested anonymity because the matter is confidential.
The Syracuse, Indiana-based company earns around $100 million a year before interest, taxes, depreciation and amortization, they added.
Polywood, Piper Sandler, Oxford Financial and Cardinal Equity did not respond to requests for comment.
Private equity firm Cardinal Equity Partners and registered investment advisory firm Oxford Financial, both based in Indiana, acquired majority stakes in Polywood in 2015. Members of the furniture maker's management team remain significant shareholders.
Polywood's founder and CEO Doug Rassi started the company in 1990 after he and a high school friend developed high-density polyethylene lumber out of a garage. Polywood's furniture, recycled from milk jugs, shampoo and lotion bottles, and other containers, is sold through its website and marketplaces including Amazon, Target and Home Depot.
The company also collaborates with other brands to make sustainable furniture, including Country Living and Martha Stewart. (Reporting by Abigail Summerville in New York; Editing by Richard Chang)
