- IHP generated about $87 million of revenue in 2022 and employs approximately 350 people
- TRM Equity targets the manufacturing industry
- The private equity firm was founded in 2019
TRM Equity has acquired substantially all of the assets of Alabama and Washington-based Innovative Hearth Products, a maker 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. No financial terms were disclosed.
On the deal, Jeff Stone, managing director for TRM, said in a statement: “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.”
According to an announcement on this transaction, IHP generated about $87 million of revenue in 2022 and employs approximately 350 people.
Based in Ann Arbor, Michigan, TRM Equity invests in the middle market. The private equity targets the manufacturing industries. TRM was founded in 2019.
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