Crown Crafts buys trade-up company
By Staff -- Home Textiles Today, 12/27/2006 11:10:00 AM
Gonzales, La. -- Revving up into a growth mode following a financial overhaul, Crown Crafts Inc. is buying most of the assets of Kimberly Grant, a trade-up designer of infant, toddler and juvenile products.
Under the terms of the deal, founding designer Kimberly Grant Gessford will continue to develop designs for infant bedding and framed art and accessories, and expand her designs to include bibs and bath items.
Financial terms of the deal were not disclosed, and the 2006 sales volume of Kimberly Grant, formerly a privately held company, was not immediately available.
E. Randall Chestnut, Crown Craft ceo, said the acquisition is being made by Crown Crafts Infant Products Inc., a wholly owned subsidiary of Crown headed by Nanci Freeman. Freeman joined the company when it purchased Red Calliope, an infant bedding company she founded. That move that gave Crown a major foothold in the infant and juvenile business, which now makes up the lion's share of its sales.
"When we completed our refinancing in July 2006, we announced that we were ready to grow and expand our business through meaningful acquisitions," said Chestnut. "Acquisitions such as this will continue to be an important part of our ongoing growth strategy."
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