One Towne Square
Southfield, MI 48076
For Immediate Release
TRM Equity Acquires Assets of Innovative Hearth Products
Russellville,AL, January 26, 2023
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 isa 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 ~$87million of revenue in 2022 and employs approximately 350 people.
Jeff Stone, Managing Director for TRM, commented: "IHP is a well-established brand in thehearth 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 deliverstop-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 canassist 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.