KIDKRAFT ACQUIRES SOLOWAVE DESIGN, FURTHER ESTABLISHING ITSELF AS A LEADER IN TRADITIONAL AND IMAGINATIVE PLAY PRODUCTS
DALLAS, Oct. 5, 2016 /PRNewswire/ -- KidKraft, Inc. ("KidKraft") today announced its acquisition of Solowave Design, Inc. ("Solowave"), a leading manufacturer of ready to assemble outdoor wooden play centers and playhouses under the Big Backyard® and Cedar Summit® brand names for an undisclosed sum. Solowave's Yardistry® outdoor living product line is not included in the transaction and will remain with the seller.
KidKraft has long been recognized for its award-winning traditional and imaginative play products inside the home. The company has a strong global footprint with products available in over 90 countries around the world.
According to KidKraft President and Chief Financial Officer Lawrence Writer, "The decision to acquire Solowave and its Big Backyard® and Cedar Summit® brands was strategic on many fronts, but most importantly positions KidKraft as a brand that lives in the playroom, family room and the outdoors."
Solowave is an innovative leader in the design and manufacture of ready to assemble outdoor products for residential consumers. The company is highly regarded for its strong capabilities in design, engineering, sourcing and distribution. Robert Bartucci, current President of Solowave, will retain his current responsibilities and report directly to Lawrence Writer.
Bartucci commented, "We are excited for this new chapter in Solowave's global growth. We are enthusiastic to join the KidKraft team because they understand our business, and we share the same passion for traditional and imaginative play. KidKraft's global infrastructure will enable Solowave to accelerate our growth internationally while continuing to provide best-in-class products."
MidOcean Partners ("MidOcean"), a premier middle market private equity firm, acquired KidKraft in July 2015. Daniel Penn, Managing Director at MidOcean remarked, "KidKraft is a rapidly growing, dynamic business and we are pleased to support its acquisition of Solowave, which will help the company execute and accelerate its growth plans. Both companies fit well within our investment approach – finding strong, growth-oriented businesses with experienced management teams and strong market positions."
Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP acted as legal advisors to KidKraft. Owens Wright LLP acted as legal advisors to Solowave.
About KidKraft, Inc.
KidKraft is a global leader in the toy and juvenile products industry and is committed to inspiring children to develop their creativity and imagination through its portfolio of toys, playsets and furniture. Since 1968, KidKraft has had an unwavering focus on design, and high-quality products that support traditional play patterns. KidKraft serves more than 2,800 retailers and eTailers globally and its products are available in over 90 countries worldwide. Visit www.KidKraft.com for more information.
About Solowave Design, Inc.
Solowave Design is an industry leader in the design, sourcing and distribution of ready to assemble ("RTA") wooden, outdoor play and living products for residential consumers. Under the Big Backyard®, Cedar Summit® and Yardistry® brands, Solowave Design delivers exceptional play and leisure structure options. Products are available through mass retailers and eTailers. Visit www.bigbackyard.com and www.cedarsummitplay.com for more information.
About MidOcean Partners
Established in 2003, MidOcean Partners is a New York-based alternative asset manager that specializes in middle market private equity and credit investments. Since inception, MidOcean has managed private equity funds with approximately $4 billion in commitments and focuses on high quality middle market companies with attractive strategic, operational and financial growth opportunities in the Consumer and Business Services sectors. MidOcean Credit Partners, which launched in 2009, manages approximately $4 billion across a series of alternative credit strategies, collateralized loan obligations ("CLOs"), and customized separately managed accounts. For more information, visit www.MidOceanPartners.com.
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SOURCE KidKraft, Inc.