Renovo Capital, LLC, through its Renwood Opportunities Fund, acquired the assets of States Industries, Inc.
For over 45 years, States Industries has been an industry leader in the design and manufacturing of natural wood veneered paneling, hardwood plywood panels and related engineered components. States supplies consumer products directly through retail home improvement stores nationally, while industrial panels are sold through a network of independent wholesale distributors throughout North America. States products are used in the manufacture of cabinets, furniture, store fixtures and architectural interiors. States Industries, Inc. prospered from the economic boom from the past decade, with sales growing significantly and States expanding to multiple manufacturing facilities in the US.
Renovo partnered with existing management of States Industries to enable more flexible raw material purchasing capabilities and to help design an operational improvement program. Renovo leveraged its operating network to recruit a Chief Financial Officer to support the existing operating team. As a key competent of the broader strategic plan to broaden manufacturing capabilities, Renovo and States acquired Drawer Box Specialties in 2012.