COSTA MESA, Calif., Sept. 28, 2005 (PRIMEZONE) -- Triton Pacific Capital Partners LLC, in partnership with SilkRoad Resources LLC, has acquired Pilgrim Fireplace Equipment Company. Transaction terms were not disclosed.
RSM EquiCo Capital Markets, the broker-dealer subsidiary of RSM EquiCo, initiated the transaction, led the negotiations and acted as the exclusive financial advisor to Pilgrim Fireplace Equipment Company.
"As head of a third generation family-owned business, Pilgrim CEO Paul Bergeron understood the company's business model needed to be transformed if it were to stay competitive in the marketplace," said Paul Weisbrich, senior managing director for RSM EquiCo Capital Markets. "Aligning the company with Triton Pacific and SilkRoad Resources presented an opportunity that will enable the Pilgrim brand name to be carried on well into the future."
About RSM EquiCo Inc.
RSM EquiCo (www.rsmequico.com) is a global provider of investment banking services, primarily to private companies with annual revenues of up to $500 million. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives. RSM EquiCo's financial resources, in-depth research capabilities, industry knowledge, banking expertise and ability to access national and international buyer pools on behalf of clients are unmatched in the North American midsized business arena.
RSM EquiCo is part of RSM McGladrey Inc., a business segment of H&R Block. RSM EquiCo is licensed by the SEC and all state securities authorities, and is a member of the NASD and SIPC.
The firm's international headquarters are located in Costa Mesa, California. It also has offices in Chicago and London.
About Pilgrim Fireplace Equipment Company
Based in Fairfield, California, Pilgrim Fireplace Equipment Company is a manufacturer of high-quality hearth and fireplace accessory products. Pilgrim, with more than 55 years of experience in the hearth accessories market, manufactures approximately 350 different finished goods and 4,200 product parts, performing 95 percent of its manufacturing in-house. Offerings include fireplace toolsets, screens, grates and irons, wood storage and other metal accessories, as well as a newly established casual living product line that includes tables and wine racks. The company sells its products to retailers throughout the United States, including Restoration Hardware and Plow & Hearth.
About Triton Pacific Capital Partners LLC
Triton Pacific Capital Partners invests in small to midsized private companies that will benefit from a combination of capital, relationships and expertise. Triton Pacific works actively with portfolio companies and their management teams to realize a company's long-term growth objectives and create significantly enhanced value for stakeholders.
About SilkRoad Resources LLC
SilkRoad Resources is a special purpose private equity firm that acquires manufacturing companies and shifts high-cost production to low-cost overseas locations. Based in Palo Alto, Scottsdale and Beijing, SilkRoad targets companies in which substantial cost savings can be realized by shifting certain key products or entire manufacturing operations to China. SilkRoad's strategy is to increase profitability while strengthening the customer base by pricing products more competitively. SilkRoad seeks to partner with companies that have a high labor component, strong product brand, and experienced sales and management teams.