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Crown Crafts, Inc. (NASDAQ:CRWS) ("Crown Crafts" or the "Company") today announced that it has acquired substantially all of the assets of Baby Boom Consumer Products, Inc. ("Baby Boom"), a leading provider in the toddler bedding and diaper bag categories.
Baby Boom designs, sources, markets and sells high-quality and functional toddler bedding and diaper bags. In addition to its own brands, Baby Boom offers licensed products, including Bluey, Ms. Rachel, Cocomelon, Paw Patrol, Eddie Bauer and others.
Crown Crafts paid $18 million for the acquisition, subject to customary working capital adjustments. Crown Crafts financed the transaction through a combination of an $8 million term loan and additional borrowings under Crown Crafts' revolving line of credit. The term loan is repayable monthly over four years. The term of the line of credit was extended from July 11, 2028 to July 19, 2029 and its borrowing capacity increased from $35 million to $40 million. The acquisition is expected to be accretive to earnings and to add approximately $20 million annually to Crown Crafts' net sales.
Posted In: CRWS
