Global company supplies hearth and grill products
PARIS, Ky. (Sept. 23, 2013) — A group of employees at Vermont Castings Group, a Paris, Ky.-based supplier of hearth and grill products, has acquired the company, creating the largest privately held, employee-owned company in the industry. The Aug. 1 announcement followed a lengthy sale process, during which time the company considered numerous potential buyers.
“After listening to all the different proposals and evaluating the options for returning Vermont Castings Group to prominence, the employees realized the best way for our business to succeed was to take back the control and play the leading role in driving the company’s strategic direction. Over the coming weeks and months, we will refocus VCG on the hearth industry, and transition away from non-core activities,” said Ricardo León, the new chairman and CEO of Vermont Castings Group.
The new ownership team is entirely made up by current and former employees, including León, Pat Kelly, Jess Baldwin and Kirsten Jenkins.
VCG supplies hearth and grill products throughout North and South America, Asia and Europe under four brands: Vermont Castings, Majestic, Monessen and Ambient Technologies. In addition to its headquarters and manufacturing/distribution facility in Paris, VCG has locations in Vermont, Texas, Mexico and Canada. The company employs more than 500 people, nearly half of whom are located in Paris.
Bill Tweardy, former owner and founder of Monessen Hearth Systems, said he was “exceedingly supportive” of the employee acquisition and believes “this approach represents the best possible solution for the company, its employees and most importantly, its customers.”