NEW YORK, April 25, 2016 /PRNewswire/ -- Z Capital Partners, L.L.C. ("Z Capital Partners"), the private equity management arm of Z Capital Group, L.L.C., a leading global alternative investment manager focused on opportunistic, value-oriented private equity and credit funds, today announced that it has acquired Twin-Star International, Inc. ("Twin-Star" or the "Company"), the premier designer and manufacturer of electric fireplaces and home furnishings.
Headquartered in Delray Beach, Florida, Twin-Star designs, manufactures and markets a broad line of decorative electric fireplaces, heaters, home furnishings and consumer electronics. With a track record of cutting-edge innovation, exceptional product quality and outstanding customer service, the Company has achieved the leading market position in the growing electric fireplace category and is the primary supplier to many retailers across North America. Twin-Star's energy-efficient products are purposefully designed to provide a more economical and environmentally cleaner alternative to traditional wood- and gas-burning fire places and to safely and efficiently heat commercial and residential areas.
"As the market leader in the electrical heating and furniture industry, Twin-Star is well-positioned for continued growth and success, and we are excited to welcome the Company into the Z Capital family," said James Zenni, President and Chief Executive Officer of Z Capital.
Twin-Star maintains a world-class dedicated supply chain infrastructure in Southern China that provides the Company with a distinct competitive advantage and enables it to consistently ensure the highest quality sourcing, manufacturing and distribution. In addition, Twin-Star prides itself on delivering the safest products in its industry and is at the forefront in innovation with patent-pending fire prevention technology. Safer Plug and Safer Sensor, which are designed to prevent the overheating of electrical products and electrical fires, are integrated into brands like Duraflame, ClassicFlame and PowerHeat. Twin-Star has award-winning designs and has received 19 Platinum awards since 2006 from Awards for Design Excellence.
Z Capital plans to leverage its financial strength and expertise to expand Twin-Star's established retail platform into additional channels, including homebuilding, hotels and lodging and commercial markets, as well into new geographies. As Z Capital expands Twin-Star's reach, it will continue to benefit from leveraging the existing dedicated supply chain infrastructure to ensure quality control.
Peter Harper, Twin-Star's Co-President and Chief Financial Officer, Marc Sculler, its Co-President, and Andy Bandremer, its Executive Vice President, will continue to oversee daily operations of the Company.
"We look forward to working with the Twin-Star team to expand the reach of the Company's best-in-class brands," added Mr. Zenni. "With Twin-Star's dedicated supply chain and track record of outstanding innovation, we are excited about the opportunity to drive growth and enter new markets while continuing to advance cutting-edge technological developments."
"We are excited to be part of the Z Capital family," said Mr. Harper. "Z Capital's financial strength, acumen and operational expertise will help Twin-Star continue to enhance and expand our product offerings and better serve our customers while further elevating the outstanding Twin-Star brand."
"Z Capital shares Twin-Star's customer-centric approach and commitment to product quality and innovation," said Mr. Sculler. "Z Capital's extensive support will continue to augment and accelerate Twin-Star's market-leading product innovation in both current and new product categories."
Established in 1996, Twin-Star International, Inc. of Delray Beach, FL., is an award-winning manufacturer of home furnishings, stoves, heaters and consumer electronics, combining the latest trends with function and style to create unique products that enhance the lives of their customers. Twin-Star's in-house designers and engineers keep a finger on the pulse of the latest trends and consumer demands, offering the most comprehensive and diversified product lines available. Twin-Star believes it is essential to have product lines that reflect the advanced thinking our designers have considered and executed, providing our customers with quality products and innovative designs. Twin-Star has significant world-renowned brands: ClassicFlame, Duraflame, ChimneyFree, ClassicFlame Pro, Bell'O, Bell'O Digital, PowerHeat, and Safer Socket. For more information, please visit www.twinstarhome.com.
About Z Capital Partners
Z Capital Partners, L.L.C. is the private equity management arm of Z Capital Group, L.L.C (together with its subsidiaries, "Z Capital"), a leading global alternative investment manager with approximately $2.3 billion of regulatory assets under management with offices in New York, NY; Lake Forest, IL; and Zurich, Switzerland. Z Capital manages opportunistic, value-oriented private equity and credit funds. Its investors include prominent global sovereign wealth funds, endowments, pension funds, insurance companies, foundations, family offices, and other institutions in North America, Europe, Asia, Africa and the Middle East. For more information, please visit www.zcap.net.
Jonathan Keehner / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE Z Capital Partners, L.L.C.