RUSSELLVILLE, Ala — 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."