Innovative Hearth Products, which is backed by Comvest Partners, has sold a subsidiary, Security Chimneys International, to M&G Duravent Inc. Terms were not released.
Comvest Partners (“Comvest”), through its Comvest Investment Partners IV, L.P. fund (“Comvest IV”) is pleased to announce that its portfolio company Innovative Hearth Products (“IHP”) has executed the sale of a subsidiary, Security Chimneys International, LLC. (“Security Chimneys”), to M&G Duravent, Inc (“Duravent”). Security Chimneys is a manufacturer of residential and commercial venting products and accessories located in Laval, Canada. IHP was formed as part of a merger between Lennox Hearth Products, LLC and FMI Products, LLC. IHP manufactures fireplaces, fireplace inserts, free-standing stoves and inserts, gas log sets, accessories, and venting products.
John Caple, a Managing Director with Comvest, said, “We are excited to see Security Chimneys join forces with M&G Duravent. Duravent’s focus and strength in the venting market will accelerate the growth at Security Chimneys, and the transaction allows our company to focus on the fireplace and stove markets. We thank the employees of Security Chimneys for their contribution to the success of both Lennox Hearth Products and Innovative Hearth Products and wish them the best going forward.”
Mark Klein, CEO of IHP, said, “Our management team has been pleased with the market’s reaction to the recent formation of Innovative Hearth Products. We believe that the sale of Security Chimneys will allow IHP to focus on our core hearth products and customers.”
About Innovative Hearth Products:
Offering a diverse family of products for every style and budget, Innovative Hearth Products (IHP) is a leading manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, accessories and venting products for the specialty retail, residential new construction and industrial markets. IHP has manufacturing plants in Auburn, WA, Union City, TN, Russellville, AL and Santa Ana, CA.
Comvest Partners, with $1.1 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.6 billion of capital in over 110 public and private companies. Please visit www.comvest.com.