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Comvest Group Announces
Sale of Security Chimneys
from Innovative Hearth Products
WEST PALM BEACH, FLORIDA
The Comvest Group ("Comvest"), through its Comvest Investment Partners IV, L.P. fund ("Comvest IV") is pleased to announce the sale of Security Chimneys International Limited (Security) from its parent company, Innovative Hearth Products ("IHP") to M&G DuraVent (DuraVent).
Security is a manufacturer of residential and commercial venting products and accessories located in Laval, Quebec, Canada. Innovative Hearth Products was formed as part of a merger between Lennox Hearth Products, and FMI Products. IHP manufactures fireplaces, fireplace inserts, free-standing stoves and inserts, gas log sets, accessories and venting products.
John Caple, a managing director with Comvest, said, "We are excited to see Security Chimneys International Limited join forces with M&G DuraVent. DuraVent's focus and strength in the venting market will accelerate the growth at Security and the transaction allows our company to focus on the fireplace and stove markets. We thank the employees of Security Chimneys International Limited for their contribution to the success of both Lennox Hearth Products and Innovative Hearth Products and wish them the best going forward."
Mark Klein, CEO of IHP, said, "Our management team has been pleased with the market's reaction to the recent formation of Innovative Hearth Products. We believe that the sale of Security Chimneys International Limited will allow IHP to focus on our core hearth products and customers."
About Innovative Hearth Products:
Offering a diverse family of products for every style and budget, Innovative Hearth Products (IHP) is a leading manufacturer of indoor and outdoor fireplaces, fireplace inserts, free-standing stoves, gas log sets, accessories and venting products for the specialty retail, residential new construction and industrial markets. IHP has manufacturing plants in Auburn, WA, Union City, TN, Russellville, AL and Santa Ana, CA.
About Comvest:
The Comvest Group, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.6 billion of capital in over 110 public and private companies.
Visit the website.
For more information:
Louis Colosimo, Comvest -- (212) 829-5880,louisc@comvest.com
John Caple, Comvest -- (561) 727-2055, johnc@comvest.com
Mark Klein, CEO IHP -- (866) 328-4537, mklein@fmiproducts.com
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Home Prices in 20 U.S. Cities
Rose 3% in Year to September
From Bloomberg NewsHome prices rose in the year ended in September by the most since July 2010, showing the recovery in the U.S. real estate market is a source of strength for the economy. The S&P/Case-Shiller index of property values in 20 cities climbed three percent from September 2011, after advancing two percent in the year to August, the group said today in New York. The median forecast of 29 economists in a Bloomberg survey projected a three percent gain. Home prices from July through September climbed the most since the second quarter of 2010. An improving labor market and record-low mortgage rates are shoring up demand for properties, helping explain an increase in optimism among builders. At the same time, Federal Reserve policy makers are pressing forward with monetary accommodation that underpins the residential real-estate recovery and the economic expansion. "I think it's a stabilization on the sales side that's probably helping with the prices here," said Sean Incremona, senior economist at 4Cast in New York. "We've had several years now for the housing recovery to sort of catch its feet, and it looks like we are starting to crawl out of the giant hole that we dug into from the financial crisis." Estimates in the Bloomberg survey ranged from gains of 2.2 percent to 3.6 percent. The Case-Shiller index is based on a three-month average, which means the September data were influenced by transactions in July and August. Monthly Change
Home prices adjusted for seasonal variations increased 0.4 percent in September from the prior month, with 18 of 20 cities showing gains. Atlanta and San Diego showed advances of 1.7 percent. Property values dropped 0.7 percent in Chicago and were unchanged in Tampa, Florida. Unadjusted prices climbed 0.3 percent in September from the prior month. The year-over-year gauge provides better indications of trends in prices, according to the S&P/Case-Shiller group. The panel includes Karl Case and Robert Shiller, the economists who created the index. Eighteen of the 20 cities in the index showed a year-over- year gain, led by a 20.4 percent surge in Phoenix. New York and Chicago posted the two decreases in values from a year earlier. Year-over-year records began in 2001. "With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market," David Blitzer, chairman of the index committee, said in a statement. Mortgage Rates
Record-low borrowing costs have fueled demand for those able to get financing. The average rate on a 30-year, fixed mortgage declined to 3.31 percent last week, the lowest in data going back to 1972, according to McLean, Virginia-based Freddie Mac. The Fed is moving forward with record monetary easing that includes plans to buy $40 billion a month of mortgage-backed securities, intending to spur growth and reduce a 7.9 percent unemployment rate. Fed Chairman Ben S. Bernanke said the Fed will take action to speed growth and a rebound in a housing market facing obstacles such as too-tight lending rules. "We will continue to use the policy tools that we have to help support economic recovery," Bernanke said in a Nov. 15 speech in Atlanta. Credit Standards
Bernanke said while tighter credit standards after a collapse in the subprime mortgage market were appropriate, "it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery." Americans bought previously-owned homes at the second-fastest pace in more than two years, figures from the National Association of Realtors showed November 19 in Washington. Horsham, Pennsylvania-based Toll Brothers Inc. (TOL), a luxury home builder, is among businesses seeing higher demand amid improved pricing. "We're in a strong phase of the recovery" owing to "five years of pent-up demand," affordability and rising prices, chief financial officer Martin Connor said at a November 15 conference. "I think we've seen U.S. consumer confidence remain relatively stable and improving, despite a number of speed bumps along the course of this year." - Michelle Jamrisko
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Architecture Billings Are Growing
WASHINGTON, D.C.
For the third straight month, the American Institute of Architects' Architecture Billings Index is in positive territory. October's score came in at 52.8, up from last month's 51.6 (Any score above 50.0 means growth in billings). The score for project inquiries also rose to 59.4 from September's 57.3. As with last month, the market for architectural services is looking hopeful again, and there's also no sign yet that anxiety from the possibility of the federal government not reaching a resolution to the fiscal cliff is having a deleterious effect. Except for the Commercial/Industrial sector, all of the nation's regions and the industry's sectors are also growing - a first in almost a year. Some of the individual regions and sectors are also experiencing levels of growth not seen since before the construction bubble popped and the financial crisis decimated the economy. National highlights:
National: 52.8 is the highest national score since December 2010 (52.9), and the second highest score since December 2007 (also 52.9). Inquiries: 59.4 is the highest score for project inquiries since February, and this is the 45th straight month that project inquiries has been in positive territory. Region highlights:
Northeast: 52.6 is the highest score since October 2010 (52.8). Midwest: 50.8 is the first time this sector has been over 50.0 since March (51.8). South: 52.8 is the highest score since December 2011 (52.8). West: 51.8 is down from the past two months, but the sector is still slowly growing. Sector highlights:
Multifamily Residential: 59.6 is the highest score for this sector since April 2005, and the second highest score since October 2004. Commercial: At 48.0, this is the only sector still contracting. Institutional: 51.4 is the highest score for this sector since July 2008, which was the last month that this sector was consistently growing. Mixed Practice: 52.4 is the highest score since December 2007, which was the last month that this sector was consistently growing. Even more than just the numbers, the consistency over the past few months is a hopeful sign. Except for the Midwest region and the Commercial sector, all of the national, regional and sector scores have shown growth for multiple consecutive months. Multifamily Residential continues to roar ahead, and while that sector has been the most consistently stable sector over the past four years, it is a surprise to see Mixed Practice - a sector that has had a very rough five years - consistently growing. Combine this with the increase in residential construction, and maybe we really are seeing the industry turning the corner. But there is also a chance that we are seeing a trend that has repeated the last few years: Billings increase from fall through spring, only to see another lull come the beginning of summer.
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Consumer Confidence Continues to Rise
NEW YORK, NEW YORK
The Consumer Confidence Index rose 0.6 points in November to 73.7, which marks the highest reading for consumer confidence since February 2008. All of November's improvement came from the expectations series, which rose 1.1 points to 85.1. The present situation series was essentially unchanged, falling 0.1 point to 56.6. The improvement in the expectations series is somewhat surprising given the sharp sell-off in the stock market as markets shifted their focus to the fiscal cliff. Consumers may be responding to falling gasoline prices as well as the recent improvement in the unemployment rates. The survey period also covered the aftermath of Hurricane Sandy, which likely contributed to the weaker reading for the present situation series. Consumer confidence in the mid-Atlantic states tumbled 14.6 points to 54.2 in November. Of course the survey also covered the presidential election, which in the past has triggered a jump in consumer confidence, reflecting relief that the grueling presidential contest and negative advertising has come to an end. So just how confident are consumers going into the holiday season and just ahead of the fiscal cliff? The latest data are encouraging and suggests that maybe the economy has a bit more momentum than previously thought. The proportion of consumers noting that jobs were plentiful in November rose 0.8 percentage points to 11.2, which is the highest it has been since September 2008, which is the month Lehman Brothers collapsed. Unfortunately, the proportion of consumers noting that jobs are hard to get remains significantly higher than that at 38.8 percent, which was unchanged from October.
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Bank of America Starts Stock
Coverage of Restoration Hardware
NEW YORK, NEW YORK
 Research analysts at Bank of America assumed coverage on shares of Restoration Hardware Holdings (NYSE: RH) in a report released on Tuesday. The firm set a "neutral" rating and a $39 price target on the stock. Restoration Hardware Holdings opened at 37.99 on Tuesday. Restoration Hardware Holdings has a one-year low of $30.32 and a 1-year high of $38.33. The company has a market cap of $1.405 billion and a price-to-earnings ratio of 39.66. Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs initiated coverage on shares of Restoration Hardware Holdings in a research note to investors on Tuesday. They set a "neutral" rating and a $34 price target on the stock. Separately, analysts at Piper Jaffray initiated coverage on shares of Restoration Hardware Holdings in a research note to investors on Tuesday. They set an "overweight" rating and a $42 price target on the stock. Finally, analysts at Stifel Nicolaus initiated coverage on shares of Restoration Hardware Holdings in a research note to investors on Tuesday. They set a "hold" rating on the stock. Restoration Hardware Holdings, Inc. (Restoration Hardware Holdings) is a holding company. The Company is a merchant of home furnishings.
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Eiklor in the Movies
PAOLI, INDIANA
Eiklor Flames continues to score big with the Hollywood crowd. First the gas log manufacturer got terrific placement of its product in the 2011 movie "Immortals." Now, look for those gas logs in "Iron Man 3" starring Robert Downey Jr., Guy Pearce and Gwyneth Paltrow, as well as "We're the Millers," a comedy starring Jennifer Aniston and SNL's Jason Sudeikis.
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New England Wood Pellet to Pay $100,000
JAFFREY, NEW HAMPSHIRE
From the Associated PressA Jaffrey, New Hampshire, company cited by federal regulators for workplace safety violations after a series of explosions and fires has agreed to pay a $100,000 fine and to take significant steps to prevent future problems. The Occupational Safety and Health Administration (OSHA) cited New England Wood Pellet in April in connection with explosions and fires in October 2011 that took more than 100 firefighters from 12 towns to put down. Inspectors found numerous hazards, including the absence of protective devices and a build-up of sawdust throughout the plant. OSHA says the company has agreed to implement measures to prevent, detect and suppress potential fires and will hire a third-party expert to evaluate the effectiveness of those efforts.
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