From Virtual-Strategy Magazine
Yesterday, the two longest-running wood pellet manufacturing companies in the U.S. announced a merger that will create the largest residential wood pellet fuel producer in the United States. Ken Tucker, CEO of Lignetics, and Bob Sourek, CEO of Bear Mountain Forest Products, announced that the two companies have completed a merger, creating a company that will now have a production capacity of approximately 450,000 tons of wood pellets per year.
The company will also be the only pellet manufacturing company that will have wood pellet manufacturing plants on both the East Coast and the West Coast. The combined company will have plant locations in Brownsville, Oregon; Cascade Locks, Oregon; Sandpoint, Idaho; Glenville, West Virginia; and Kenbridge, Virginia. The merger brings together some of the industry’s most well-known brands including Golden Fire, Lignetics, Bear Mountain, America's Best, Pres-to-Log, Dry Den, Cozy Den and EZ Equine.
“Completing this merger marks the beginning of an exciting new chapter in our two companies’ history, making us the market leader in the residential wood pellet industry in the U.S.,” said Ken Tucker. Bob Sourek added, “We are excited about the merger with Lignetics and the ability to offer all of our customers a more diverse product offering, now from five different plant locations.”
In addition to having the market-leading, high quality brands of wood fuel pellets (Golden Fire, Lignetics, Bear Mountain, America’s Best and Pres-to-Logs), the array of products that the combined company will be able to offer its customer base is now even more diverse.
In the animal bedding category, products feature the patented Dry Den Animal Bedding Pellets with Zeolites, the EZ Equine 100% All Natural Pine Animal Bedding Pellet, and Cozy Den Premium Shavings in both pine and cedar. In the product category of fire logs and bricks, the featured products are Bear Mountain Bear Bricks and Pres-to-Logs fire logs, which have been on store shelves since the 1980s. Additionally, the merger will strengthen the companies’ position in the BBQ pellet market with increased production and distribution of Bear Mountain BBQ Pellets.
Financing for the transaction was provided by Taglich Private Equity LLC, management and Gladstone Capital Corporation, which provided subordinated debt and equity financing, along with Texas Capital Bank, which provided senior debt in support of the transaction. Tucker and Sourek also noted that the transaction will give the company the capital base to pursue expansion plans at their current facilities, as well as exploring potential future add-on acquisitions.
Tucker noted, “We are excited about the growth opportunities in our business and believe we have chosen excellent financial partners to support us in our goal of being the largest and highest quality residential wood pellet manufacturing company in the U.S.”
Lignetics was founded in 1983 and is one of the founding pioneers of manufacturing premium wood pellets and Pres-to-Logs® fire logs for home heating.
Since 1988, Bear Mountain Forest Products has been a driving force in the wood pellet fuel industry across the western U.S. Their superior brands are well-known for producing wood fuel pellets with the lowest moisture content in the industry, creating the hottest, cleanest, and longest-lasting wood fuel pellets using only 100% Douglas Fir.
Visit the Lignetics website.
Visit the Bear Mountain website.
True Refrigeration has unveiled a category-changing ice machine – the all-new True Residential 15-in. Clear Ice machine. The latest addition to the True Residential product line, this under-counter ice machine is a dream-come-true for the most discerning home chefs and home entertainers who truly want a commercial experience.
“Our customers have been asking us for years to add a clear ice machine to our suite of commercial-grade residential products,” says True director of Sales and Marketing Steve Proctor. “After years of meticulous design and engineering, we are proud to answer this request with the highest performing, and most energy-efficient clear ice machine on the market.”
No longer will homeowners have to worry about running out of ice during day-to-day use or while entertaining. The True Clear Ice machine is capable of producing an impressive 70 lbs. of ice per day and can store up to 28 lbs.
In addition to producing the most ice per day, its energy efficiency is unmatched. It produces ice while using less water and energy than any other clear ice machine in the industry. In fact, the True Clear Ice machine is the only 15-in. under-counter clear ice machine that is Energy Star certified.
Those looking for an ice machine to complement their outdoor entertainer’s kitchen need look no further – the True Clear Ice machine is UL rated for both indoor and outdoor use, making it an incredibly convenient and energy efficient appliance both inside and out.
Visit the website.
The Mart is pleased to announce extraordinary leasing activity among the Casual showrooms on floors 15 and 16 of the Design Center at The Mart. In addition to three new showroom openings – Klaussner Home Furnishings, SunVilla and Outdoor Design – 27 showrooms have extended their lease.
The showrooms include Brown Jordan, CabanaCoast, Barlow Tyrie, NorthCape, Ebel, Flanders Industries, Gensun Casual Living, Gloster Furniture, Hanamint, Homecrest, Jensen Leisure, Mallin Casual Furniture, OW Lee, Parker International, Polywood, Pride Family Brands, Ratana Home and Floral, Summer Classics, Telescope Casual Furniture, Three Birds, Tropitone, TUUCI, Winston, Ancient Mosaic Studios, Kingsley Bate, Treasure Garden and Zuo Modern Contemporary.
These companies cross over several product categories including outdoor furniture, fabrics, lighting and accessories and further enhance the Casual furnishing offerings available to the daily designer traffic as well as attendees of the Preview Show (July 14-16) and International Casual Furniture & Accessories Market™ (September 16-19).
“Our ability to attract new, high profile companies to The Mart for long-term commitments and our record-breaking lease renewals continue to confirm the value they place on The International Casual Furniture & Accessories Market as a trade show and The Mart as a showroom venue,” said Byron Morton, vice president of leasing. “At the core of each business decision to establish a showroom, renew or expand is a fundamental belief in this premier show and this venue, coupled with bottom line sales results.”
“The ICFA solidified its commitment to the Mart and the Chicago Casual Market by extending our contract last year. Now the major manufacturers have spoken and made long-term commitments to the Mart,” added Myron Maurer, chief operating officer.
In addition to the above, the Mart is home to Agio, Kettler International, Skyline Design, Cast Classics, Lane Venture, Mamagreen, Patio Renaissance, South Sea Rattan, Alfresco Home, Veneman Collections, Anacara, Elaine Smith, Paragon Casual and Sunset West.
The Mart has been home to the International Casual Furniture & Accessories Market for more than 35 years, and The Design Center’s permanent showrooms. It is the world’s largest resource for custom home furnishings and interior design, boasting more than 45 high-end outdoor furnishings showrooms on floors 15 and 16.
Visit the website.