RUSSELLVILLE, Ala.,
Jan. 26, 2023 /PRNewswire/ -- TRM
Equity II ("TRM"), the Michigan based private equity
fund, has acquired substantially all of the assets of Innovative
Hearth Products ("IHP"). With production facilities in
Russellville, AL, and Auburn, WA, IHP is a leading manufacturer
of indoor and outdoor fireplaces, free-standing stoves, gas logs,
fireplace inserts, venting products, and accessories for the
specialty retail, residential, new construction, and industrial
markets. The transaction was completed on January 26th, 2023. IHP generated
~$87 million of revenue in 2022 and
employs approximately 350 people.
Jeff Stone, Managing Director for
TRM, commented: "IHP is a well-established brand in the
hearth industry. Despite the recent record inflation and supply
chain disruptions, customer interest in IHP product lines is
strong, and the Company's order book reflects that. IHP has
invested in upgrading its product line in recent years, and we will
continue to invest in ensuring that IHP delivers top-of-the-line
products to its customer base. We are excited to bring our
operational and manufacturing expertise to the business to address
the Company's recent challenges and to carry on the Company's
legacy of product innovation. As a result of this transaction, IHP
will have a strong balance sheet and be well positioned to deliver
outstanding products and service to its customers in the coming
years."
About TRM Equity
TRM Equity is a private equity firm that seeks controlling
investments in situations where the experience of our team can
assist companies with operational improvement or transformation.
The Firm's core team has worked and invested together for over 15
years, applying a consistent approach in targeted manufacturing
industries, and has a demonstrated track record of above-market
returns.
Media Contact
Jeffrey A. Stone
Managing Director
jeffreystone@trmequity.com
(800) 817-4152
Robert Sylvester
Managing Director
robertsylvester@trmequity.com
(800) 817-4152
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SOURCE TRM Equity