One of Pennsylvania’s most illuminating companies is under new ownership.
- Keystone Fireworks, which has stores across the region, has been acquired by Argonne Capital Group, a private equity firm based in Atlanta.
- The transaction closed earlier this year, according to an Argonne spokesperson, who declined to provide additional details.
- Financing was provided by Alignment Credit, a New York-based financing company.
- “We are pleased to have the opportunity to complete this transaction with the team at Argonne Capital,” Alignment Credit partner Bijal Shah said in a statement. “They were great to work with and thoughtful in their underwriting approach. We are extremely impressed with Keystone’s platform and excited to partner with Argonne to support the Company’s future growth.”
- Argonne Capital may ring a bell: It has a stake in another Pennsylvania company: National Fitness Partners, a Camp Hill-based operator of Planet Fitness franchises.
The seller: Keystone Fireworks has stores in Altoona, Bradford, Gettysburg, Greencastle, Lancaster, Matamoras, Nottingham, Wilkes-Barre and York.
- The company’s website does not list a headquarters.
- But state records list a Keystone Fireworks Holdings LLC at the company’s store address in the Lancaster area: 2357 Lincoln Highway East in East Lampeter Township.
- The company touts its stores as “Pennsylvania’s premier destination for fireworks” with convenient access from surrounding states, including Delaware, Maryland, New Jersey, New York and Virginia.
- Pennsylvania generally has looser fireworks laws than its neighbors, making it a go-to destination ahaed of July Fourth.
The buyer: Founded in 2003, Argonne invests primarily in middle-market companies, according to its website.
- Its holdings include IHOP and Applebee’s franchises.
- Other companies in its portfolio are a New York-based John Deere dealer called LandPro Equipment and Ohio-based commercial landscaping firm Schill Grounds Management.