Leading hearth and grill manufacturer Vermont Castings Group has announced that, after receiving interest from a number of potential buyers, it has partnered with a financial buyer which has signed a Letter of Intent to purchase the company. Among its many brands, Vermont Castings manufactures the famous Defiant wood stove. It employs about 175 at its plants in Randolph and Bethel.
‘ We are pleased to be moving forward with the sale of Vermont Castings Group to a high-quality financial buyer,’ said Dan Clifford, president and CEO of Vermont Castings Group. ‘ The combination of our strong brands and products, a solid team and an aggressive growth strategy with this additional investment will ensure continued success in both the short and long term.’
The company’ s parent company, The Riverside Company, announced in February that it had elected to exit its investment in the company. Riverside acquired the company, formerly known as Monessen Hearth Systems Company, in 2006.
The sale is expected to close within 45-60 days, at which time the buyer will be named and additional details will be provided.
About Vermont Castings Group
Vermont Castings Group is a leading supplier of hearth and grill products throughout North and South America, Asia and Europe. Under its four brands, Vermont Castings, Majestic, Monessen and Ambient Technologies, Vermont Castings Group offers a full line of direct vent, natural vent, vent-free, wood-burning and electric fireplaces, inserts, log sets and stoves as well as outdoor grills and heating products. Vermont Castings Group is proud to be on the cutting edge of design, efficiency and environmental responsibility.
PARIS, Ky., April 24, 2013 ‘ Vermont Castings Group
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