SYRACUSE — An investor group led by Arsenal Capital Partners in partnership with BayPine LP, announced that it has acquired Polywood from Mayfair Capital Partners.

Polywood is a manufacturer of recycled, high-density polyethylene outdoor furniture.

The terms of the transaction were not disclosed.

Polywood products are made of recycled and reusable plastics using  a waste-free process that was invented by founder and CEO, Doug Rassi in 1990. 

Doug Rassi stated, "We are thrilled about the opportunity to work alongside Arsenal and BayPine in the next phase of our company's growth. 

Late last year, Reuters news service reported the company was exploring options including a sale that could value the private equity-backed company at around $1 billion.

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