Summer Infant branching into new categories
Tanya K. Merritte -- Kids Today, 6/4/2008 2:51:00 PM
Juvenile products manufacturer Summer Infant is extending its reach in the baby industry with the recent acquisitions of two companies and an eye on more expansion in the future.
The Woonsocket, R.I.-based company acquired Basic Comfort and Kiddopotamus this spring, strategic moves designed to diversify Summer Infant’s portfolio, said Jason Macari, president and CEO. Macari, who bought Summer Infant in 2001 with partner Steve Gibree, said his goal is to increase the manufacturer’s presence in the industry. “We want to become the leading juvenile manufacturer in the country,” he said.
According to the company, its net revenues for 2007 were $80.52 million, an increase of 54.3% compared with $52.20 million for the same period in 2006. For 2008, Summer Infant is expecting net sales of $130 million, which include the two acquisitions.
Traditionally, Summer Infant’s core line has included hard lines and utilitarian and convenience products, Macari explained. “It was always metal or plastics,” he said. Two years ago, the company brought crib bedding into the line, one of its first forays into soft goods. Macari said the addition of Kiddopotamus, whose product line includes swaddle blankets, infant sleepers, gifts and travel accessories, and Basic Comfort, which makes changing pads, sleep positioners, bedding and more, is another step in the right direction.
“Now we’ve expanded our portfolio in the nursery and into soft lines,” he said.
Macari said the company’s focus is on providing more products that fill the needs of parents and their babies, and that means continued growth, either internally or through acquisitions. “We’re definitely looking to expand and broaden,” he said.
Summer Infant’s portfolio includes products positioned for mass retailers as well products targeted to specialty stores and Internet retailers. Macari said that despite the current economic conditions in the U.S., Summer Infant’s focus isn’t on hitting the lowest price points. He said he the key is giving parents product that might have a slightly higher price tag but is a solid value.
“We went to make sure parents know we’re the best in class,” Macari said.
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