New ownership awaits Vermont CastingsBy Bruce Edwards
STAFF WRITER | April 26,2013Vermont Castings Group, a leading maker of wood and gas stoves, is being sold to a financial services firm, the company announced.
“We are pleased to be moving forward with the sale of Vermont Castings Group to a high-quality financial buyer,” Dan Clifford, president and CEO of Vermont Castings Group, said in a statement. “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.”
Shannon Quinn, a company spokeswoman, declined to identify the buyer until the sale is final. Quinn did say the buyer is a financial services company.
Vermont Castings has manufacturing facilities and offices in Randolph and Bethel.
In an email Thursday, Clifford said his “hope is that it will remain business as usual in Vermont and throughout the Vermont Castings Group.”
Headquartered in Paris, Ky., Vermont Castings Group was formerly known as Monessen Hearth Systems Company. In January, the company adopted the Vermont Castings name to reflect its well-known premium brand of wood- and gas-fired stoves.
A month later, The Riverside Company announced it decided to sell its investment in Vermont Castings, which it acquired in 2006. In 2008, Monessen acquired Vermont Castings after its parent company, CFM Corp. of Ontario, filed for Chapter 11 bankruptcy.
Tim Gosline, partner in The Riverside Company, said at the time of the February announcement that his company had supported Vermont Castings (Monessen) “through a difficult and protracted recession.”
“With the company now on stable footing, and the economy strengthening, we believe now is the appropriate time to seek new investors,” Gosline said.
The sale is expected to close within 45 to 60 days.
Vermont Castings Group manufactures hearth and grill products under four brands: Vermont Castings, Majestic, Monessen and Ambient Technologies.
The products include direct vent, natural vent, vent-free, wood-burning and electric fireplaces, inserts, log sets and stoves.
In addition to Vermont, the company also has manufacturing facilities in Kentucky and Mexico. Total employment as of January was 700, including 200 workers in Vermont.
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