Profile

Argosy Private Equity has been partnering with lower middle market niche manufacturing and business services companies for over 30 years. Argosy partners with motivated management teams seeking to invest in companies with sustainable competitive advantages and attractive growth prospects. In collaboration with the management teams, Argosy’s team of in-house operating partners works alongside management teams to implement the Value Acceleration Methodology, VAM™. VAM™ is a lower middle market acquisition playbook specifically geared towards helping companies in the lower middle market execute on objectives to grow and professionalize.

Argosy has been dedicated to the lower middle market for over 3 decades, raising its first fund in 1997 and currently investing Fund VI, a $422 million fund. The team has partnered with over 130 businesses nationwide and has over $1.0 billion in assets under management as of June 30, 2023.

www.argosycapital.com

Awards

2023 Top Private Equity Firms

Key People

Keven P. Shanahan, Partner

Keven is Partner of Argosy Private Equity. He joined Argosy in 2004 and is responsible for developing and assessing investment opportunities, providing strategic management support, monitoring investments and fund administration. Keven is a member of Argosy’s Investment Committee. Prior to joining Argosy, Keven was an Assistant Vice President in the Financial Services and Healthcare Group of GE Equity and he began his career at Furman Selz, a New York-based investment bank that was later bought by ING. Keven earned his MBA from the Tuck School of Business at Dartmouth College and earned a Bachelor of Arts with a concentration in Applied mathematics and economics from Harvard College. He has been a director or participated as a board observer on many of his investments.

Lane W. Wiggers, Managing Director, Operating Partner Program

Lane Wiggers is Managing Director of Argosy Private Equity’s Operating Partner Program. He joined Argosy in 2015 as Argosy’s third full time operating partner. Lane is responsible for developing and assessing investment opportunities, providing strategic management support, monitoring investments and fund administration. Prior to joining Argosy, Lane founded Cordam Group, was  a partner with CS Capital Partners, and also was a Director with CD Ventures, a Philadelphia based private investment firm. Lane began his finance career as an investment banker at Wachovia Securities/Wells Fargo after starting his career in engineering. Lane earned an undergraduate degree from Clemson University in mechanical engineering and an MBA from Smith School of Business at the University of Maryland where he was a Lamone Scholar.

Michael R. Bailey, Partner

Michael joined Argosy in 1999 and is responsible for developing and assessing investment opportunities, providing strategic management support and monitoring investments. Michael is a member of Argosy’s Investment Committee. His background includes commercial lending, business operating experience, and SBIC investing. Michael earned an MBA at Drexel University and a Bachelor of Science, business administration with a concentration in finance from Bucknell University. He is a former board member and officer of the Philadelphia Chapter of the Association for Corporate Growth, has served on the board of the Greater Philadelphia Venture Group, and is a founder and director of Community Backstop, a charitable organization. 

Donald Charlton, Deal and Operating Partner

Don joined Argosy in 2010 and is responsible for evaluating potential investments, performing due diligence, and working with portfolio companies to grow shareholder value. Don is a member of Argosy’s Investment Committee. He has over 23 years of experience as a senior executive for venture and private equity backed companies. Don started his career with Coopers & Lybrand (now PriceWaterhouseCoopers) and held management positions at Baxter Healthcare, Osage Venture Partners, InPhonic (now Simplexity), XM Satellite Radio, Gratis Internet and Venture Catalyst Consulting. Don earned his B.S. from the University of Scranton, an MBA from New York University’s Stern School of Business and is a CPA.

Jack Nugent, Partner

Jack joined Argosy in 2002 and is responsible for developing and assessing investment opportunities, providing strategic management support and monitoring investments. Prior to joining Argosy, Jack worked in the Restructuring Group of the Investment Banking division at Lazard Frères & Co. Prior to Lazard, Jack worked at Deutsche Banc in Manhattan and Brown & Sons in Baltimore, Maryland. He also worked at GE Equity, the private equity arm of General Electric. Jack earned his MBA from the Tuck School of Business at Dartmouth College and his Bachelor of Science in business administration degree with a major in finance from Loyola College in Maryland. He received the Arnold F. Adams award for Excellence in Entrepreneurship from the Tuck School. He has been a director or participated as a board observer on many of his investments.

John J. Broderick, Operating Partner

John joined Argosy in 2016 and is responsible for evaluating potential investments, performing due diligence, and working with portfolio companies to grow shareholder value. John has over 25 years of experience as a manufacturing executive, the last ten years working with private equity backed companies in the lower middle market. Prior to joining Argosy, John was Operating Partner at Argo Management Partners, Prior to Argo, John held leadership positions with Danaher Corp, Siemens and Sandvik, and was responsible for Sales, Finance, IT, Human Resources, R&D, Engineering, Project Management, Marketing, Customer Service and Operations. John holds a BS in mechanical engineering from Rutgers University, an MBA in industrial management from Fairleigh Dickinson University and post graduate degree from Seton Hall University in international business.

Kirk B. Griswold, Founding Partner 

Kirk co-founded Argosy in 1990 and is responsible for developing and assessing investment opportunities, providing strategic management support, and monitoring investments. His experience encompasses investing in over 100 companies and he has been a director or participated as a board observer on many of his investments. Previously he was a Manager and Consultant with Corporate Decisions, Inc. (now Mercer Management Consulting, Inc.), a Boston-based international management consulting firm. Kirk also has previous experience as President of a niche manufacturing company and as a manager and avionics engineer with the Integrated Logistics Support Division of Westinghouse Electric Corp. He earned an MBA from the Wharton School, University of Pennsylvania, with a dual major in management and finance, and a Bachelor of Science, physics, from the University of Virginia. He has served as President of the Northeastern Regional Association of SBICs, on the board of the Greater Philadelphia Venture Group, Team Captain for the MS150 Bike Tour, and has been a guest lecturer for the Finance Department of the Wharton School.

Funds Raised

Argosy has been dedicated to the lower middle market for over 3 decades, raising its first fund in 1997 and currently investing Fund VI, a $422 million lower middle market buyout fund. Its strategy has evolved over time. Argosy began as a mezzanine investor, partnering alongside many buyout strategies in its first 3 funds. In 2007, the firm began to formally build out its in-house operating partner team, which allowed it to become more involved with the management of its investments. In total, the team has partnered with over 130 platform businesses nationwide and has over $1.0 billion in assets under management as of June 30, 2023.

Key Investments

Paragon Energy Solutions, LLC: Invested  2017, exited 2021
Sector: Industrial Services 

Originally formed in 2000 to provide supply chain management services to Exelon, Paragon Energy Solutions now provides procurement management services for safety-related parts and components for the U.S. commercial nuclear industry. Paragon operates three business segments: Commercial Grade Dedication (“CGD”), Nuclear Inventory Management System, and Instrumentation and Controls, providing a comprehensive and value-oriented services platform supporting nuclear power plant operation and maintenance.

Linx Technologies: Invested 2015, exited 2022
Sector: Industrial Electronics 

Founded in 1997, Linx is a leading provider of wireless technology solutions to device manufacturers in the commercial, government, consumer, agricultural, and industrial segments. Linx is an antenna design and manufacturing company focused on serving original equipment manufacturers (“OEMs”) that require wireless functionality for their products.

Nationwide Industries: Invested 2016, exited: 2018
Sector: Engineered Materials 

Nationwide Industries (NWI) is a supplier of specialty hardware to OEMs, distributors and installers in the fence and gate, railing and patio markets. The company’s products include hinges, latches, locks, rollers, railing post mounts and cable railing infill that are used in vinyl, ornamental, specialty, wood, cable and chain link fence applications. 

DSI Logistics: Invested 2019, exited 2021
Sector: Business Services

Founded in 1997 and headquartered in Brea, California, DSI is a non-asset based third-party logistics firm that specializes in white-glove, “last-mile” home delivery and distribution services for retailers nationwide. DSI is focused on hard good categories including home furnishings, mattresses, electronics and appliances. DSI operates under an asset-light model which engages a network of truck owners and haulers as independent contractors.

Capital Responsibility

Argosy believes that it has a duty to act in the best interests of its stakeholders and that selectively incorporating Environmental, Social and Governance (“ESG”) considerations into how it does business can benefit the environment and communities, while creating long-term value for its assets and investors. Argosy believes that it is prudent to consider a range of ESG issues in evaluating potential portfolio investments, managing existing portfolio investments, and setting corporate policies.

Argosy is dedicated to considering ESG in the course of its due diligence, investment decision-making, and management of portfolio investments. 

• Its approach focuses on investing for long-term sustainability, including environmental, social, governance and resilience issues.
• Consideration of ESG initiatives begins during the due diligence stage of an investment and continues to be monitored throughout the hold period.
• Argosy communicates its ESG objectives to management teams, monitors progress, and works in partnership with management to implement ESG principles as appropriate for each of its investments.