TRM Equity II, an Ann Arbor-based private equity fund, has acquired substantially all of the assets of Innovative Hearth Products (IHP), a manufacturer of indoor and outdoor natural and gas furnaces. Terms of the acquisition were not disclosed.
With production facilities in Russellville, Alabama and Auburn, Washington, IHP manufactures specialty retail, residential, new construction, and industrial indoor and outdoor fireplaces, freestanding stoves, gas logs, fireplace inserts, ventilation products, and accessories. We manufacture goods. market.
“IHP is a long-established brand in the hearth industry. Despite recent record inflation and supply chain disruptions, customer interest in the IHP product line is strong and our order book reflects that. “IHP has invested in upgrading its product lines in recent years and will continue to invest to ensure IHP is able to offer top-of-the-line products to its customer base.”
The transaction closed on January 26th. IHP will generate about $87 million in revenue in 2022 and employ about 350 people. IHP carries a variety of brands including Superior Fireplaces, Astria Fireplaces and IronStrike.
“We are excited to bring our operational and manufacturing expertise to the business to meet the company’s recent challenges and continue the company’s legacy of product innovation. We have a strong balance sheet and will be able to provide our customers with superior products and services in the years to come.”