Vermont Castings Group is a leading supplier of hearth and grill products under its four brands: Vermont Castings, Majestic, Monessen and Ambient Technologies. The company offers direct vent, natural vent, vent-free, wood-burning and electric fireplaces, inserts, log sets and stoves as well as outdoor grills and heating products.

Vermont Castings Group (VCG) of Paris, Kentucky, a leading supplier of hearth and grill products throughout North and South America, Asia and Europe, announces that after prolonged sale negotiations with a number of potential buyers, the employees realized the best way for its business to succeed was to take control of the company. VCG asserts the restructuring makes it the largest privately held, employee-owned company in the hearth industry.

"I can't be more excited about the direction we are taking Vermont Castings Group," said Ricardo Le??n, the new chairman and CEO of VCG. "Over the coming weeks and months we will refocus VCG on the hearth industry, and transition away from noncore activities. You won't find a more motivated Company in the business."

The other members of the new ownership team, all current or former employees, are Pat Kelly, Jess Baldwin and Kirsten Jenkins.

According to a VCG release, as part of this transaction, the company cancelled the majority of its debt and is in a stronger financial position. "With the financial com- mitment from the ownership group, an aggressive and focused operational plan, and the support of the senior lenders, we have created the financial flexibility to continue serving and earning the right to grow with our customers," explained Mr. Le??n.

"We have a lot of work to do, but the optimism has never been higher," said Jess Baldwin, senior vice president of sales and customer service.