TRM Equity II, an Ann Arbor-based private equity fund, has acquired substantially all the assets of Innovative Hearth Products (IHP), a manufacturer of indoor and outdoor natural and gas hearths. Terms of the acquisition were not disclosed.
With production facilities in Russellville, Ala., and Auburn, Wash., IHP makes 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.
“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,” says Jeff Stone, managing director of TRM. “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.”
The transaction was completed on Jan. 26. IHP generated approximately $87 million of revenue in 2022 and employs about 350 people. IHP carries a range of brands, including Superior Fireplaces, Astria Fireplaces, and IronStrike.
“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,” says Stone.
