Summer Infant, Inc. Announces Acquisition of Classy Kid Inc.
December 8, 2009
Woonsocket, RI, December 8, 2009 – Summer Infant, Inc. (“Summer Infant” or the “Company”) (NASDAQ:SUMR) today announced that on November 19th, it completed the acquisition of Classy Kid Inc., a juvenile products manufacturer headquartered in Las Vegas, Nevada.
Classy Kid marketed premium products that maintain the health and hygiene of children, and also specialized in germ defense and easy clean-up products for families on the go. These products are available through numerous retail stores and chains. Items include reusable, disposable, and environmentally friendlier placemats, bibs, toilet seat covers, wound care, and protective arts and crafts products. Classy Kid has been a member of the Juvenile Products Manufacturers Association (JPMA) since 2005. The terms of the deal were not disclosed.
"We're excited that Summer Infant is going to continue to offer the quality baby care products that we at Classy Kid have created over the years,” stated AJ Mesalic, who co-founded Classy Kid Inc. and served as its President until the acquisition. “Summer Infant is a great advocate for children’s health & hygiene and our customers will be well-served by Summer Infant going forward. We are grateful to our team and to EGM & Company, who served as exclusive financial advisor to Classy Kid Inc. in connection with this transaction, for their dedication through the closing. The Classy Kid Products brand will continue to be offered in the foodservice/hospitality industry by Family Hospitality LLC.”
Jason Macari, President and CEO of Summer Infant added, “The acquisition of Classy Kid is a natural fit as we continue our expansion of the Summer Infant brand into new categories. Disposable and reusable products represent an incremental category for our Company. For example, the ‘Clean & Green’ brand positioning of biodegradeable disposable products reinforces our commitment to the environment. It demonstrates our commitment to providing smart solutions for today’s parents and caregivers.”
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer, marketer and distributor of branded durable juvenile health, safety and wellness products (for ages 0-3 years), which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, infant thermometers and related nursery, health and safety products, booster and potty seats, soft goods, bouncers, travel accessories, highchairs, and swings.
Certain statements in this release that are not historical fact may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believes," "estimate" and similar expressions. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include the concentration of the Company’s business with retail customers; the ability of the Company to compete in its industry; the Company’s dependence on key personnel; the Company’s reliance on foreign suppliers; the costs associated with pursuing and integrating strategic acquisitions; and other risks as detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this presentation.