TRM Equity II, a Michigan-based private equity fund, has bought substantially all of the assets of Innovative Hearth Products.

With production facilities in Russellville, Ala., and Auburn, Wash., IHP is a manufacturer of indoor and outdoor fireplaces, stoves, gas logs, fireplace inserts, venting products and accessories for the retail, residential, new construction and industrial markets.

“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,” comments Jeff Stone, managing director for TRM. “We are excited to bring our operational and manufacturing expertise to the business to address the Company’s recent challenges and to carry on the Company’s legacy of product innovation. As a result of this transaction, IHP will have a strong balance sheet and be well positioned to deliver outstanding products and service to its customers in the coming years.”