TOMY International Acquires Boon, Inc. and Keen Distribution LLC; Expands TOMY's Presence Into Innovative Mother, Infant and Toddler Products
OAK BROOK, Ill., Aug. 10, 2011 /PRNewswire/ -- TOMY International, a leading global designer, producer and marketer of a broad range of innovative, high-quality products for mothers, infants and toddlers, as well as toys and collectible products sold to preschoolers, youths and adults, today announced it has completed the acquisition of substantially all of the assets of Boon, Inc. (www.booninc.com) and Keen Distribution LLC (www.keendistribution.com) (together "Boon/Keen"). Boon/Keen is a privately-held, developer, marketer and distributor of innovative mother, infant and toddler products.
Boon® premium branded feeding, bath, decor and organization products feature convenience with an innovative modern design. Keen Distribution serves as the exclusive US marketer and distributor for Bumbo International, manufacturer of the Bumbo® Baby Seat, and products from the UK based sleep authority, The Gro Company.
Boon/Keen's products generated net sales over the last twelve months of approximately $23 million with sales growth expected in the second half of 2011 and in 2012. TOMY International funded the acquisition with approximately $20 million from its existing cash, and will continue to drive the company forward. Boon/Keen's senior management will retain approximately 20% carry-over ownership. Other terms of the transaction were not disclosed.
Curt Stoelting, CEO of TOMY International, said, "We are delighted to have completed the acquisition of Boon and Keen Distribution. 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."
About TOMY International
TOMY International (www.tomy.com) is a leading global designer, producer and marketer of a broad range of innovative, high-quality toys sold to preschoolers, youths 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 other well-known properties. TOMY International's mission is to inspire and fulfill the dreams of children and parents worldwide. TOMY International reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North and South America, Europe and Australia. TOMY International is a wholly owned subsidiary of Japan-based TOMY Company, Ltd. (Tokyo Stock Exchange Code No. 7867).
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