Twin-Star secures equity investment
Casual Living Staff -- Casual Living, June 1, 2007
Private investment firm Trivest Partners is acquiring a majority stake in Twin-Star International, manufacturer of decorative electric fireplace and bathroom vanity products with nearly $100 million in revenues.
Twin-Star founders Mark Asofsky and Michael D. Horvitz will retain a significant ownership interest and continue to lead Twin-Star's daily operations.
Twin-Star markets electric fireplaces under the ChimneyFree and ClassicFlame brands, while its bathroom vanity products are sold under the Antiqua and Tresanti brand names through a diverse base of retailers and distributors.
Twin-Star's electric fireplaces offer consumers a "green" alternative to traditional wood and gas fireplaces in terms of energy efficiency, safety and cleanliness.
"As we look to expand the breadth of the product line and distribution base, Trivest's considerable experience in the consumer products arena should benefit our employees, distribution network and retail partners," Twin-Star President Horvitz said.
"Aligning ourselves with a proven financial partner such as Trivest provides a solid foundation to sustain our growth well into the future," said Asofsky, Twin-Star founder and senior vice president.
Miami-based Trivest Partners is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings.
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