Siena Lending Group completed 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, AL, 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 U.S. and Canada.
IHP is a portfolio company of Beckner Clevy Partners, a private equity firm in Nashville.
“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,” said W. Mike Clevy, partner at Beckner Clevy Partners.
