RC2 acquires JJ Cole
Playthings Staff -- Gifts and Dec, 8/5/2010 10:14:09 AM
OAK BROOK, Ill. - RC2 Corporation, designer, producer and marketer of a broad range of innovative, high-quality products for mothers, infants, and toddlers, has completed the acquisition of substantially all of the assets of JJ Cole Collections, a privately-held, developer and marketer of mother, infant and toddler stylized travel, storage, comfort and convenience products.
JJ Cole Collections' premium branded products generated net sales of approximately $15.5 million in 2009. RC2 funded the acquisition with approximately $40 million from its existing cash.
JJ Cole Collections' senior management will retain approximately 9% carry-over ownership. Other terms of the transaction were not disclosed. This transaction is expected to increase RC2's second half 2010 diluted earnings per share by approximately $.05, excluding the impact of transaction costs. Accretion expected in 2011 ranges from $.20 to $.25 per diluted share depending on the timing of realizing sales and integration synergies.
JJ Cole Collections is best known for its Bundleme brand of soft, comfortable travel products. JJ Cole Collections has recently developed a line of highly stylized diaper bags, blankets and soft goods as well as decorative and convenient nursery storage products. Key management, including JJ Cole Collections' CEO and founder Jeremy White, will remain with the company and will continue to expand JJ Cole Collections as a premium brand.
"We are delighted to have completed the acquisition of JJ Cole Collections. Their existing and recently developed innovative mother, infant and toddler products are a great fit with our existing The First Years and Lamaze brands and, there is very little product overlap," said Curt Stoelting, CEO of RC2.
"We plan to aggressively expand JJ Cole Collections into new product areas consistent with the brand's premium positioning," he continued. "The acquired brands and products and the new additions to our management team allow us to rapidly expand our presence in stylized and fashion-driven mother, infant and toddler products."
RC2's mother, infant, toddler and preschool products are primarily marketed under its Learning Curve family of brands which includes The First Years, Lamaze and now JJ Cole Collections brands, as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Super WHY!, Chuggington, Dinosaur Train, John Deere, Disney's Winnie the Pooh, Princesses, Cars, Fairies and Toy Story, and other well-known properties. RC2 markets its youth and adult products primarily under the Johnny Lightning and Ertl brands.
RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia, Asia Pacific and South America.
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