Private equity firm The Riverside Co. is looking to sell Vermont Castings Group, the hearth and grill manufacturer.
“Vermont Castings Group is a stable and profitable company with an enviable portfolio of brands and products, a solid team and a strong growth strategy that requires additional investment,” said Dan Clifford, president and CEO of Vermont Castings Group. “We know that Vermont Castings Group is an attractive asset, and we look forward to continued success in both the short and long term.”
Riverside acquired the company, formerly known as Monessen Hearth Systems Company, in 2006.
“We have supported Vermont Castings Group through a difficult and protracted recession,” said Tim Gosline, partner at The Riverside Co. “With the company now on stable footing, and the economy strengthening, we believe now is the appropriate time to seek new investors.”
Vermont Castings Group has retained Huron Consulting Group as its financial adviser in connection with the transaction. The process will be conducted as quickly as possible, with a target completion of 60 to 90 days.