Tomy International Acquires Boon and Keen Distribution
Kids Today Staff -- Kids Today, 9/30/2011 2:35:13 AM
Oak Broo k, Ill. - Juvenile products manufacturer Tomy International has acquired Boon and Keen Distribution.
Boon was founded in 2004 by Rebecca Finell and Ryan Fernandez with one product, the Frog Pod, and has since developed more than 100 infant and toddler products, including bath, feeding, organization and decor items.
Following Boon's success, Finell and Fernandez founded Keen Distribution in 2008. Keen Distribution is the exclusive U.S. marketer and distributor for Bumbo International, manufacturer of the Bumbo Baby Seat; the Mommy Hook stroller accessory; and products from the U.K.-based safe sleep authority, The Gro Company.
"The opportunity to join forces with Tomy allows us to expand the company in ways we've always imagined," said Finell. "Being part of the Tomy team enables us to further our role as innovators in the juvenile products industry."
Boon and Keen have experienced rapid growth in recent years, more than doubling sales since 2009. Net sales over the past twelve months are approximately $23 million, and the companies expect to exceed $30 million in sales over the next year.
"We're excited to become a part of the Tomy team," said Fernandez. "This partnership allows us to bring existing and new products to the global market more quickly and better meet the needs of our consumers."
Tomy International funded the acquisition with approximately $20 million from its existing cash. Boon and Keen's senior management will retain approximately 20% carry-over ownership. Other terms of the transaction were not disclosed.
"We are delighted to have completed the acquisition of Boon and Keen Distribution," said Curt Stoelting, CEO of Tomy International. "Their existing and recently developed innovative mother, infant and toddler products are a great fit with our existing The First Years, Lamaze and JJ Cole Collections brands. We plan to aggressively expand Boon/Keen internationally and support growth into new product areas, while maintaining their existing premium positioning. The acquired brands and products and the new additions to our management team allow us to rapidly expand our presence in convenient, design-driven mother, infant and toddler products."
Tomy International produces toys for preschoolers, children and adults under the Tomy, Ertl, Johnny Lightning and Tomica brands, as well as nursery products for mothers, infants and toddlers marketed under its the First Years, Lamaze and JJ Cole Collections brands. Tomy International also markets its products under popular and classic licensed properties such as Thomas & Friends, Special Agent Oso, Chuggington, Dinosaur Train, John Deere, Disney's Winnie the Pooh, Princesses, Cars, Fairies and Toy Story, and others.
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