DELRAY BEACH, FL – (May 2, 2007) -Twin-Star International (“Twin-Star”), the recognized leader in the decorative “fine furniture” electric fireplace and bathroom vanity products with nearly $100 million in revenues, today announced that it has secured a sizable equity investment from Trivest Partners, L.P. (“Trivest”). 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 in the Company and will continue to lead Twin-Star’s daily operations.
Twin-Star’s award winning products, marketed under the ChimneyFreeTM, ClassicFlameTM, AntiquaTM, and Tresanti TM brand names 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 home” 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.
Michael D. Horvitz, Twin-Star’s President stated, “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.” In addition, “Aligning ourselves with a proven financial partner such as Trivest provides a solid foundation to sustain our growth well into the future” said Mark Asofsky, Twin-Star founder and Senior Vice President.
Troy D. Templeton, Trivest’s Managing Partner stated, “The Twin-Star transaction is consistent with Trivest’s long-standing investment strategy to acquire well run, founderowned businesses. 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 years history.”
Trivest Partners, L.P., a private investment firm, 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 $3.0 billion in value. The Twin-Star transaction represents Trivest’s third platform investment over the past six months.
For more information, please contact Lori A. Hall, Marketing Manager at Twin-Star
International; 561.330.3201 x242 (o), 561.983.9595 (c) orlhall@twinstarhome.com(e). |
