April 11, 2023

Heartwood Partners Signs Agreement to Sell Parkway Products

Heartwood Partners is pleased to announce that on March 17, 2023, Heartwood Partners Fund II, LP signed a definitive agreement to sell its investment in Parkway Products, LLC (“Parkway”, or the “Company”) (www.parkwayproducts.com) to Clayens NP Group (“Clayens”), a portfolio company of One Equity Partners. The transaction is expected to close later in the second quarter subject to satisfaction of customary closing conditions.

Founded in 1946 and headquartered in Greenville, S.C., Parkway Products manufactures and produces high-performance precision plastic and metal components leveraging five separate process technologies:  thermoplastic molding, thermoset molding, machined plastics, high-performance polymer molding, and magnesium thixomolding.  Parkway Products utilizes this process flexibility to service highly engineered applications across an array of industries. From its eight facilities in the US and one in Mexico, Parkway serves clients in the precision industrial, infrastructure, agriculture, aerospace & electronics, transportation, and healthcare markets. During Heartwood Partners’ investment, Parkway successfully expanded the business through three add-on acquisitions that built meaningful scale and capacity and expanded its geographical reach. Parkway also focused on improving its end market mix, focusing on high-growth markets identified as part of strategic planning efforts with Heartwood Partners’ support.

“It has been a privilege to partner with the Parkway team over the last several years and assist them in executing their strategic plan and we are all proud of what has been accomplished,” said Ed Tan, Partner at Heartwood Partners.  “We look forward to watching the business continue to grow as part of Clayens.”

Parkway CEO, Andrew Green¹, commented “Under Heartwood Partners’ guidance, Parkway has successfully grown, expanded our locations, and entered new end markets. We look forward to becoming part of Clayens and providing first-class production of high-performance polymers, composites and precision metals that enhances both companies’ technical expertise and overall client reach.”

Finn Dixon & Herling LLP served as legal advisor and Stout Capital, LLC served as exclusive financial adviser to Parkway and its investors.

¹Mr. Andrew Green is not a client or investor of Heartwood Partners, nor was he compensated for his statements herein.

Please contact the following members of the investment team at Heartwood Partners with investment or add-on opportunities:

Ed Tan, Partner


John Willert, Partner


John Newman, Principal


Sarah Paquet, Principal


Jesse Schanzer, Associate