Siena Lending Group LLC (“Siena”) announces the completion of a $14.6 million asset-based revolving line of credit and term loan for Innovative Hearth Products (“IHP”). The facility was used to refinance certain debt and to provide additional working capital to support IHP’s long-term growth initiatives.
Headquartered in Russellville, Alabama, IHP manufactures and sells indoor and outdoor fireplaces, free standing stoves, fireplace inserts, gas log sets, accessories, and venting products primarily to the homebuilder and retrofit marketplaces. IHP’s products are sold under the Superior, Astria, and Ironstrike brand names are are marketed primarily in the United States and Canada.
IHP is a portfolio company of Beckner Clevy Partners, a private equity firm in Nashville, Tennessee.
Anthony Lavinio, Director of Underwriting at Siena, said, “It was a pleasure working with Mike from Beckner Clevy Partners, as well as the entire senior management team at IHP. We are happy to provide IHP with the critical working capital and term loan that will be used by the company to execute its long-term growth initiatives.”
W. Mike Clevy, Partner at Beckner Clevy Partners, said, “We contacted Siena and laid out a very aggressive timeline to get the financing completed. Anthony and the team at Siena got to work right away and we closed on time with the terms we needed to fund our growth. Well done Siena.”
Tom Krebs, President and CEO of IHP, said, “The Siena team was nothing short of fantastic. They understood our immediate needs, implemented a detailed action plan, and delivered in the agreed upon time frame. Very professional and organized process.”