West Palm Beach, FL, September 19, 2012 – The Comvest Group (“Comvest”), through its Comvest Investment Partners IV, L.P. fund (“Comvest IV”) is pleased to announce the merger of FMI Products, LLC (“FMI”) with its current portfolio company Lennox Hearth Products, LLC (“LHP”), to create Innovative Hearth Products (“IHP”). IHP 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 look forward to backing a combined management team of veteran hearth industry executives. 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.”
Mark Klein, CEO of IHP, said, “I am very excited to work to bring these two great companies together. The product offerings 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 true leader in the hearth industry.”
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, Laval, QC, Russellville, AL and Santa Ana, CA.
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 $1.6 billion of capital in over 110 public and private companies. Please visit www.comvest.com.