Aterian Investment Partners has launched a sale process for portfolio company Backyard Discovery, two sources familiar with the situation said.

Harris Williams and Guggenheim have been mandated to sell the Pittsburg, Kansas-based playsets and outdoor leisure products company, the sources said.

Teasers were recently circulated to prospective buyers, one of the sources said

Aterian acquired Backyard Discovery in 2015. At that time, the company, founded in 1968, was already the largest designer, manufacturer, distributor, and installer of playsets in North America, according to a press release.

In 2016, Aterian announced it had acquired Step2, a Streetsboro, Ohio-based designer and manufacturer of toys and home and garden products. Together with Backyard Discovery, the combined entity would create the largest outdoor toy company in North America,

According to Aterian’s website, the investment in the combined Step2 Discovery was made from the sponsor’s Fund II, which closed in December 2013, with USD 256.8m of capital commitments.

In 2022, Step2’s rotational molding manufacturing assets, located in Decatur, Georgia, were sold to Akron, Ohio-based Myers Industries [NYSE:MYE].

Backyard Discovery is expected to be marketed off EBITDA of around…