|Lennox merges with FMI |
|Posted: Thursday, September 20, 2012 9:07 pm |
|Lennox Hearth Products has merged with FMI Products to create Innovative Hearth Products. |
A news release about the merger was issued Wednesday afternoon by The Comvest Group through its Comvest Investment Partners IV L.P. fund.
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.
The merged company now has manufacturing plants in Union City as well as in Washington, Canada, Alabama and California.
“We look forward to backing a combined management team of veteran hearth industry executives,” Comvest managing director John Caple said. “We are very pleased with the performance of our investment in Lennox Hearth Products and are investing additional capital to accelerate our growth in the hearth industry.”
The news release was issued out of West Palm Beach, Fla., and did not contain any specific information about the future of the local fireplace plant.
The Comvest Group manages $1.2 billion of assets and provides flexible financing solutions to lower middle-market companies through its equity and debt funds, according to the news release. Since 2000, The Comvest Group has invested more than $1.6 billion of capital in more than 110 public and private companies.
“I am very excited to work to bring these two great companies together,” IHP CEO Mark Klein said in the news release. “The product offering of the combined businesses are highly complementary. With manufacturing in both the east and the west, we will be even better able to serve our customers. I believe that the combination will be a leader in the hearth industry.”
Published in The Messenger 9.20.12