West Palm Beach, FL, April, 2012 – The Comvest Group (“Comvest”), through its Comvest Investment Partners IV fund (“Comvest IV”), is pleased to announce the acquisition of Lennox Hearth Products (“LHP” or “the Company”) from Lennox International Inc. (NYSE: LII). LHP is a manufacturer of fireplaces, fireplace inserts, free-standing stoves, gas log sets, accessories and venting products.
John Caple, a Managing Director with Comvest, said, “We are excited about the opportunities for LHP to be a leader in the hearth industry. LHP has invested significantly in the last few years in innovation and new products, and we are looking forward to the Company’s continued growth. We believe that LHP President and CEO Wendy Howells and her team are well positioned to continue the Company’s tradition of product innovation and industry leading customer service.”
“Throughout the process, the Comvest team has repeatedly demonstrated its belief in the importance of serving customers and executing on a robust, growth oriented strategy,” said Ms. Howells. “I believe our partnership with Comvest will further strengthen our ability to grow and serve the hearth market.”
About Lennox Hearth Products:
Offering a diverse family of products for every style and budget, Lennox Hearth Products (LHP) 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. LHP, based in Nashville, Tennessee has manufacturing plants in Auburn, WA, Union City, TN and Laval, QC, CA. For more information, visit www.lennoxhearthproducts.com
About Comvest:
The Comvest Group, with $1.2 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 $1.5 billion of capital in over 105 public and private companies.