Twin-Star secures equity investment from Trivest Partners
May 5, 2007-- Casual Living,
Twin-Star International, manufacturer of decorative electric fireplace and bathroom vanity products with nearly $100 million in revenues, has secured a sizable equity investment from private investment firm Trivest Partners. In this transaction, Trivest will acquire the majority stake from Twin-Star’s founders Mark Asofsky and Michael D. Horvitz who will retain a significant ownership interest and will continue to lead Twin-Star’s daily operations.
Marketed under the ChimneyFree, ClassicFlame, Antiqua and Tresanti brand names, Twin-Star’s products are sold to a diverse base of retailers and distributors including retail home centers, wholesale clubs, hardware stores, various specialty retailers and distributors in the furniture, hearth and rent-to-own segments, as well as contractors in the building, kitchen and bath channels of distribution. Twin-Star’s line of electric fireplaces offers 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.
“The Twin-Star transaction is consistent with Trivest’s long-standing investment strategy to acquire well run, founder-owned businesses,” Troy D. Templeton, Trivest’s managing partner said. “Twin-Star has exhibited a number of similar characteristics to other successful Trivest consumer product investments including Aero Products International, Directed Electronics and Banana Boat. In addition, Trivest viewed Twin-Star’s sourcing and procurement operations in China among the most sophisticated and scalable it has seen over the firm’s 25-year history.”
Trivest Partners is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 130 acquisitions and recapitalizations, totaling more than $3 billion in value. The Twin-Star transaction represents Trivest’s third platform investment over the past six months.
Related Content By Author
Frank Verna Unveils Tropitone Furniture's Showroom at Casual Pre Market