Compton-based NoJo Baby & Kids Acquires Assets of New York-based Baby Boom
(Dragana Gordic - stock.adobe.com)
NoJo Baby & Kids Inc. acquired the assets of New York-based Baby Boom Consumer Products Inc. for $18 million on July 19. The acquisition was funded using the proceeds of an $8-million term loan from The CIT Group/Commercial Services Inc. The acquisition is expected to add approximately $20 million annually to Crown Crafts’ net sales.
David G. Thunhorst of Smith, Gambrell & Russell LLP acted as legal advisor to Crown Crafts. D.A. Davidson & Co. served as financial advisor, and The CIT Group provided the debt financing for the transaction. Michael B. Goldsmith of Sills, Cummis & Gross P.C. served as legal advisor to Baby Boom. Solomon Partners Securities, LLC acted as seller advisor.