Summer Infant acquires Basic Comfort
Two Basic Comfort officers to remain on board
-- Kids Today, 4/17/2008 1:44:00 PM
Woonsocket, R.I. – Summer Infant, designer and distributor of infant health, safety and gear products, has acquired Denver-based juvenile products manufacturer Basic Comfort. The purchase price was not disclosed, however the deal was funded in part through a combination of available cash and borrowings under Summer Infant’s existing credit facility and unregistered common stock shares, the company said in a news release.
Basic Comfort’s product portfolio includes infant sleep positioners, designed to help prevent plagiocephaly or flat head syndrome; head supports; and portable changing pads. The company has a manufacturing and distribution center in Denver and had sales of about $10 million in 2007.
Executives John Lord and Larry Jewett will continue to manage Basic Comfort, which will be incorporated in operations under the Summer Infant brand.
“We are very excited about the acquisition of Basic Comfort,” said Jason Macari, CEO of Summer Infant. “Over the past twenty years, Basic Comfort has emerged as the leading innovator in infant accessories. We believe Basic Comfort’s products are highly complementary and will add greatly to our existing product portfolio. The acquisition of Basic Comfort establishes Summer Infant as the brand of choice in this highly-fragmented, fast-growing category.”
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