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Ares Commercial Finance Funds $28MM Facility to Innovative Hearth Products

August 17, 2015, 07:54 AM
Filed Under: Manufacturing

Ares Commercial Finance has funded a $28 million senior secured credit facility consisting of a $25 million revolving line of credit and a $3 million term loan to Innovative Hearth Products LLC (“IHP”), a company majority-owned by an affiliate of Comvest Partners.  The credit facilities were used to refinance a revolving line of credit with the asset-based lending group of a large commercial bank.  Proceeds of the credit facilities will also support continuing working capital requirements as IHP completes the execution of its growth plans to enhance its position as a leading manufacturer of fireplaces, wood burning stoves, hearths and gas logs.

Working with Comvest Partners and the management team of IHP, Ares Commercial Finance understood the growth strategy and was eager to support the company with an appropriate financing package.  Headquartered in Nashville, TN, and with manufacturing facilities in Santa Ana, CA; Russellville, AL; and Auburn, WA; Innovative Hearth Products is a leading manufacturer of gas, wood, electric, indoor and outdoor fireplaces, gas wood and pellet stoves, gas and wood inserts, gas logs, and related accessories and pipe products. IHP’s products are sold into the residential new construction and residential remodel end markets.
Ares Commercial Finance LP is a limited partnership formed by Ares Management, L.P., a publicly traded, leading global alternative investment manager and parent to several registered investment advisers. This information is not an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation.

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